Dan Cary Tricia Vanderkooi · 1500 N REDWOOD ROAD SARATOGA SPRINGS, UT Tricia Vanderkooi...

1500 N REDWOOD ROADSARATOGA SPRINGS, UT

Tricia [email protected]

Dan [email protected]

https://youtu.be/E3MTsgI6v-c

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7730 S Union Park Avenue, Suite 600 Midvale, UT 84047801.567.4000

This statement with the information it contains is given with the understanding that negotiations relating to the purchase, renting or leasing of this property shall be conducted through this office. The information while not guaranteed has been secured from sources we believe to be reliable however, it is up to the buyer or tenant to verify the information and conduct appropriate due diligence. Coldwell Banker Commercial and its logo are registered service marks owned by Coldwell Banker Real Estate, LLC. Each Office is Independently Owned and Operated. All Rights Reserved. © 2016 2

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Dan [email protected] [email protected]

Tricia Vanderkooi 801.652.7410

SARATOGA TOWN CENTER

Saratoga Springs has had phenomenal population growth for the last ten years. Saratoga has been ranked the fastest growing city in Utah for 2 of the last 10 years and has consistently been one of the top 5 fastest growing cities (Source: US Census Bureau). Saratoga also boasts above state average household incomes.

Saratoga Springs boasts a high quality of life that includes beautiful lakeshore living, a quiet and rural atmosphere, great air quality, superb views and an excellent central location midway between the Provo/Orem and Salt Lake City metro areas. There is good access to I-15 for both north and south travel and to the Bangerter Highway via Redwood Road for quick travel to Salt Lake International Airport (30-40 minutes by car) or other critical locations north of the City. Provo/Orem is located approximately 20 minutes by car via I-15. “Silicon Slopes” Lehi is a short 10 minute drive from Saratoga Springs city center.

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http://cbcadvisors.com/professionals/sky-hazlehurst/

mailto:brad.brown%40cbcadvisors.com?subject=FLYER%20INQUIRY

http://cbcadvisors.com/professionals/brad-brown/

SARATOGA SPRINGS

The area is a 30-40 minute drive to Salt Lake International Airport and Provo Airport the latter of which provides flights to three California airports and Mesa Arizona. It is a 10 minute drive to I-15, Utah’s primary highway.

UTAH

Utah has a population of 3,029,951 (2016), 80% of the population being in the Wasatch Front with the center of population in Lehi (the western neighbor of Saratoga Springs). In 2013, the U.S. Census Bureau estimated that Utah had the second fastest-growing population of any state, facilitated by the creation of over 150,000 new jobs and the state’s high focus on families. Utah is home to 13 universities and 11 colleges, with 30.6% of the adult population having a bachelor’s degree or higher.

ECONOMY

Utah No.1 Best Economic Outlook for 2015-ALEC Rich States, Poor States

Utah ranked Top Performer in the Nation-U.S. Chamber of Commerce, 2014

Utah ranked No. 1 in Forbes Magazine for Best States for Business, 2014

Utah ranked No. 1 in the nation as the Best State for

Business -24/7 Wall St. report, 2014

The Country’s Best Managed State-The Pew Center on the States

Salt Lake City ranked in Top 15 Cities in the World for Business by Fortune Magazine

Salt Lake City made Top 10 List for Best Downtowns- Livability.com

Home to nearly 7,000 technology companies

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AREA OVERVIEW








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INVESTMENT OVERVIEW

This property consists of three parcels that total approximately 16.70 acres located on the NEC of Redwood Road and Main Street in Saratoga Springs. This land boasts excellent visibility from both streets and has four access points and three lit intersections. Most of the infrastructure cost has already been improved with multiple 12-inch sewer lines, excess storm water capacity and multiple culinary water stubs. The current zoning of GC allows a wide array of uses including: Retail, Office, Medical Office and Mixed Use with Residential.

ADDRESS: 1500 N REDWOOD RD, SARATOGA SPRINGS, SARATOGA SPRINGS UTAH

TOTAL LAND: 16.70 ACRES

PROPERTY TYPE: LAND





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HIGHLIGHTS

MAIN HIGHLIGHTS

Approximately 16.70 acres available

High Growth Area

Excellent Development Opportunity

Zones General Commercial

Major infrastructure in place

High Traffic Counts:

Redwood Road ADT: 29,382

Main Street ADT: 15,523

Development agreement in place, new owner would have “Master Developer” rights





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IMAGERY

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14,107 ADT

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IMAGERY

Nearby Tenant Aerial





15,523 ADT

29,382 ADT

Crossings Road Main Street

Redwood Rd

6.0 AC

9.79 AC

Murphy Oil

SITE0.91 AC

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IMAGERY

Site Lot Breakdown





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IMAGERY

Conceptual Site Plan





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IMAGERY

Valley Proximity Map





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MARKET REPORT

Overall Market Information 2Q 2017

Average Vacancy Rates

3.51%Average Lease Rates

$15.78Net Absorption

+212K SFUnder Construction

1.2M SF

Utah’s population and job growth continue to follow an upward trajectory, so it is no wonder that Utah’s retail market is so strong and has incredible potential for expansion as new residential rooftops pop up at a rapid clip throughout Salt Lake, Utah and Weber Counties.

Demand for housing across the Wasatch Front has hit record highs. Many rural suburban pockets throughout Utah County — such as Saratoga Springs, American Fork and Vinyard — are booming with activity, and retail development has become quintessential to sustaining growth within these communities.

The average asking lease rate decreased just slightly to $15.78 from $16.20 at this same time last year. Vacancy rates have not changed as smaller tenants continue to occupy ideal vacant space in growing locations; freestanding retail space has seen an increased amount of activity over the last two years. Construction has decreased slightly with just over one million square fe et of space currently under construction in an attempt to meet the demands of continuous population growth.

Increases in both population growth and spending power have primed Utah to ride a wave of growth as retailers capitalize on available properties and take advantage of a solid economic foundation within the state .

Noteable Under Construction The Ridge Shopping Center Lehi 400,000 North

The Plaza @ Mill Town Vineyard 250,000 Central

The Crossing Saratoga Springs 160,000 West

The Terrace @ Traverse Mountain Lehi 150,000 North

Smith’s Marketplace Springville 120,000 South

Canyon Creek Spanish Fork 100,000 North

North 52%

South 19%

Central 29%

NEIGHBORHOOD COMMUNITY REGIONALANCHORLESS

Total: 1,220,200 SF

Under ConstructionPercent by Quadrant

$30

$20

$10

$0

Lease Rates by Property Type

NORTH CENTRAL WEST OVERALLSOUTH

PRIC

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Note: Nothing available in other building sizes.





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MARKET REPORT

Job Growth Rate UT vs. US

Future Growth

T he overall strength of the Utah economy indicates that we may see the direct opposite of a tenant shortage. With increases in both population growth and spending power, Utah is primed to

ride a wave of growth as retailers look to capitalize on the available properties and solid economic fundamentals found within the state.

Historical Vacancy Rates 16%

12%

8%

4%

0%

OVE

RALL

VAC

ANCY

RAT

E

TOTAL Center South West

2013 2014 2015 2016 2Q-2017

North

2012

1.4%3.2%

UtahNational

3%

PERCENTAGE CHANGE FROM MAY TO APRIL 2017

6%

Market StatisticsSOUTH

CENTRAL

NORTH

WESTUTAH LAKE

15

15

ALPINE

LEHI

AMERICANFORK

PLEASANTGROVE

OREM

PROVO

SPRINGVILLE

SPANISH FORK

PAYSON

SANTAQUIN

SARATOGASPRINGS

Utah County Map NORTH UTAH INVENTORY SF AVAILABLE (SF) VACANCY ASKING LEASE RATE

Anchorless 848,813 27,964 3.29% $15.59

Neighborhood 1,317,049 31,495 2.39% $24.00

Community 1,781,065 37,700 2.12% $25.00

Regional 623,428 1,872 0.00% $24.00

TOTAL 4,570,355 99,031 2.17% $22.15

CENTRAL UTAH INVENTORY AVAILABLE SF VACANCY ASKING LEASE RATE

Anchorless 2,001,652 120,828 5.85% $14.28

Neighborhood 1,678,278 145,686 8.51% $12.51

Community 2,936,026 73,197 2.49% $20.56

Regional 407,512 44,267 10.86% $23.00

TOTAL 7,023,468 383,978 5.37% $17.59

SOUTH UTAH INVENTORY AVAILABLE SF VACANCY ASKING LEASE RATE

Anchorless 705,396 4,001 0.57% $13.50

Neighborhood 387,051 5,592 1.44% $16.52

Community 979,896 7,350 0.75% $18.58

Regional 0 0 0.00% $-

TOTAL 2,072,343 16,943 0.82% $16.20

WEST UTAH INVENTORY AVAILABLE SF VACANCY ASKING LEASE RATE

Anchorless 50,806 985 1.94% $22.46

Neighborhood 94,435 0 0.00% $0.00

Community 418,640 5,694 1.36% $22.46

Regional 0 0 0.00% $-

TOTAL 563,881 6,679 1.18% $22.46

OVERALL INVENTORY AVAILABLE SF VACANCY ASKING LEASE RATE

Anchorless 3,606,667 153,778 4.16% $16.46

Neighborhood 3,476,813 182,773 5.18% $13.26

Community 6,115,627 123,941 2.03% $21.65

Regional 1,030,940 46,139 4.48% $11.75 TOTAL 14,230,047 506,631 3.51% $15.78





Dan Cary Tricia Vanderkooi · 1500 N REDWOOD ROAD SARATOGA SPRINGS, UT Tricia Vanderkooi...

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