4773 s harrison blvd | ogden, ut, 84403€¦ · • surrounding retailers include carl’s jr,...
TRANSCRIPT
4773 S Harrison Blvd | Ogden, UT, 84403
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801.930.6792
OFFERING MEMORANDUM
CONTENTS
The Off ering 03
Tenant Summary 06
Investment Summary 07
Property Summary 08
Location Overview 09
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Legend Investment Group is pleased to present to investors with
the rare opportunity to acquire a brand new Taco Time in Ogden,
Utah. The asset has a brand new 10 year NNN lease with two-
fi ve year options.
The building has been recently renovated for Taco Time. It sits
directly off Harrsion Blvd and has great visibility.
TACO TIME
THE OFFERING
THE OFFERING | 3
4800 S
5100 S
36th St
40th St
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Harriso
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UNIVERSITY
WEBER STATEUNIVERSITY
MCKAY DEEHOSPITAL
OGDENREGIONAL
MEDICAL CENTER
BONNEVILLEHIGH SCHOOL
89
4773 S HARRISON BLVD
IDEAL LOCATION
• Located directly off Harrison Blvd
• Main retail thoroughfare in Ogden
• Surrounding retailers include Carl’s Jr, Arby’s, Pizza Hut, Smiths,
Wells Fargo, CVS and many more
• Harrison Blvd is the main thoroughfare going North and South
in Ogden with 34,000+ VPD
• Great visibility and access off Harrison Blvd
SINGLE TENANT TACO TIME
• Brand new 10 year initial term, Triple-Net (NNN)
• 10% increases every 5 years
• Operator owns and operates multiple restaurants and has
strong fi nancials on all of them
WEBER STATE UNIVERSITY
• Ideally located minutes away from Weber State University
• Weber State University has 27,000+ students enrolled
• Harrison Blvd is the main road leading into and out of Weber
State University
HIGHLIGHTS
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HIGHLIGHTS | 5
TENANT SUMMARY
TACO TIME (stylized as TacoTime) is an American fast-food restaurant chain specializing in Mexican food. The chain has over 300
locations in the US and Canada. The chain was founded in Eugene, Oregon, in 1959 by Ron Fraedrick, who opened the fi rst restaurant
near his alma mater, the University of Oregon, at 13th Avenue and High Street in January 1960. In 1962, the fi rst Taco Time franchise
opened in Tacoma, Washington. In the 1970s, the company expanded to 48 restaurants in seven Western states. In 1978, the company
franchised its fi rst international restaurant in Lethbridge, Alberta, Canada.
In 1979, Taco Time Northwest became a licensee with the rights to franchise and operate the Taco Time concept independently. Taco
Time Northwest’s operating region includes Western Washington from Longview to the Canada–United States border and the eastern
Washington cities of Wenatchee and Moses Lake.
Taco Time has since expanded, now holding more than 300 franchises in the United States, Canada, Kuwait, and Netherlands Antilles
(Curaçao). During the 1990s, there were also multiple locations in Greece. In 2003, the company was bought by Kahala Brands of
Scottsdale, Arizona.
TENANT SUMMARY | 6
INVESTMENT SUMMARYRENTABLE SF 1,583 SF
YEARS RENOVATED 2018
LEASE TYPE NNN
LEASE COMMENCEMENT 07/11/2018
LEASE EXPIRIATION 07/11/2028
LEASE TERM REMAINING 10 years
ANNUAL RENT $62,500
LEASE OPTIONS Two 5 year options with
10% increase every 5 years
PRICE $1,136,000
CAP 5.50%
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INVESTMENT SUMMARY | 7
En
gle
wo
od
Dr
34,860 vpdHarrison Blvd
4773 S HARRISON BLVD
POPULATION 12,176 70,525 135,108
AVG. HOUSEHOLD INCOME $107,333 $79,316 $73,876
HOUSEHOLDS 4,359 24,940 48,044
BUSINESSES 687 2,811 5,717
DAYTIME POPULATION 11,357 50,821 105,828
1 MILE 3 MILE 5 MILEDEMOGRAPHICS
Ogden is a city and the county seat of Weber County, Utah, United States, approximately 10
miles east of the Great Salt Lake and 40 miles north of Salt Lake City. The population was
84,316 in 2014, according to the US Census Bureau, making it Utah’s 7th largest city. The
city served as a major railway hub through much of its history, and still handles a great deal
of freight rail traffi c which makes it a convenient location for manufacturing and commerce.
Ogden is also known for its many historic buildings, proximity to the Wasatch Mountains,
and as the location of Weber State University.
Ogden is a principal city of the Ogden–Clearfi eld, Utah Metropolitan Statistical Area, which
includes all of Weber, Morgan, Davis, and Box Elder counties. The 2010 Census placed the
Metro population at 597,159. In 2010, Forbes rated the Ogden-Clearfi eld MSA as the 6th
best place to raise a family.
OGDEN, UT
NEIGHBORHOOD | 10
In 2013, the U.S. Census Bureau estimated that Utah had the second fastest-growing
population of any state. St. George was the fastest-growing metropolitan area in the
United States from 2000 to 2005. Utah also has the 14th highest median average income
and the least income inequality of any U.S. state. A 2012 Gallup national survey found
Utah overall to be the “best state to live in” based on 13 forward-looking measurements
including various economic, lifestyle, and health-related outlook metrics. Approximately
62% of Utahns are reported to be members of The Church of Jesus Christ of Latter-day
Saints or LDS (Mormons), which greatly infl uences Utahn culture and daily life. The LDS
Church’s world headquarters is located in Salt Lake City. Utah is the only state with a
majority population belonging to a single church.
UTAH
Affi liated Business Disclosure and Confi dentiality Agreement
This Off ering Memorandum has been prepared by Legend Investment Group (LIG) for use by a limited number of parties and has been obtained from sources
believed reliable. While we do not doubt its accuracy, we have not verifi ed it, and make no guarantee, warranty or representation about it. It is your responsibility to
confi rm, independently, its accuracy and completeness. All projections have been developed by LIG, Owner and designated sources, are based upon assumptions
relating to the general economy, competition, and other factors beyond the control of Owner, and therefore are subject to variation. No representation is made
by LIG or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise
or representation as to the future performance of the property. Although the information contained herein is believed to be correct, Owner and its employees
disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further,
LIG, Owner and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the
Off ering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Off ering Memorandum does not constitute
a representation that there has been no change in the business or aff airs of the property or Owner since the date of preparation of the Off ering Memorandum.
Analysis and verifi cation of the information contained in the Off ering Memorandum is solely the responsibility of the prospective purchaser.
Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualifi ed prospective investors.
Owner and LIG each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or off ers regarding the property and/or
terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing this Off ering
Memorandum or making an off er to purchase the property unless and until such off er is approved by Owner, a written agreement for the purchase of the property
has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfi ed or waived.
This Off ering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of
a confi dential nature. By accepting this Off ering Memorandum, you agree that you will hold and treat it in the strictest confi dence, that you will not photocopy
or duplicate it, that you will not disclose this Off ering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if
necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confi dentiality) without the prior
written authorization of Owner or LIG and that you will use the information in this Off ering Memorandum for the sole purpose of evaluating your interest in the
property and you will not use the Off ering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Owner or LIG. If you have
no interest in the property, please return the Off ering Memorandum forthwith.
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LEGEND PARTNERS
1686 S. Major St., Suite 200 • Salt Lake City, UT 80222
801.930.6750 • www.legendLLP.com
801.930.6792