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3627 W 13400 S | RIVERTON, UT
SINGLE TENANT TRIPLE NET INVESTMENT
BACKGROUNDFollowing a trip to Cabo San Lucas on the Baja Coast, Costa Vida founders JD and Sarah Gardner were inspired with a vision. While the surf lapped at their feet and they enjoyed the delicious freshly made local cuisine, they brainstormed how they could bring this vibrant lifestyle and incredible cuisine home with them. The result was the first Costa Vida location in Layton, Utah. (costavida.net).
ABOUTBeing true to the Baja experience, Costa Vida food is made fresh in each restaurant’s kitchen. Each tortilla is hand crafted daily and served hot, ensuring that no customer will ever have to eat a factory-made tortilla pulled from a bag. The sweet pork and shredded beef are perfectly seasoned and slow-cooked for several hours to create the signature intense aroma and flavors of Costa Vida. Led by a Certified Executive Chef, Costa Vida uses only the freshest all-natural ingredients, and prides itself on its intensely flavored meals that leave guests energized, inspired and satisfied.
Since the first restaurant opened in 2003, people have embraced this Costa Vida Lifestyle. Today Costa Vida has restaurants in a growing number of US States and in Canada and is positioned to be one of the fastest growing restaurant franchises in North America (costavida.net).
COSTA VIDA CORPORATE OVERVIEWT Y P E Quick Service Restaurant
I N D U S T R Y Retail
P R O D U C T S Fresh Mexican Grill
LO C AT I O N S 87 locations with 25 in negotiations
C O R P O R AT E H E A D Q U A R T E R S Lehi, Utah
COSTA V IDA
REPRESENTATIVE PHOTO
Riverton is conveniently located in the southern end of the Salt Lake Valley. The city provides a fulfilling hometown environment with easy access to I-15, Bangerter highway and the newly developed
Mountain View Corridor.
The site is located within the main Riverton shopping district, and sits at a signalized
intersection.
The shopping center is located along Bangerter Highway and is anchored by
Walmart Supercenter.
From its early days of vast and productive farmland, Riverton has grown into a community of more than 43,000 residents.
As one of the fastest growing areas in the United States, businesses have the opportunity to thrive in Riverton and take advantage of new plans for continued
growth in upcoming years.
In addition to an array of restaurants, retail shopping, and business services, Riverton is also home to Primary Children’s Outpatient Center and the Intermountain
Riverton Hospital. (www.rivertoncity.com)
COSTA V IDA
PROPERTY H IGHL IGHTS
The subject property is a 3,200 sq. ft. building with a drive-thru on 0.65 acres
parcel.
The lease is brand new with a fifteen (15) year term and three (3), five (5) year
options.
The lease structure is Triple Net which are handled by and billed directly to tenant.
Anchored by Walmart Supercenter.
The building was constructed in 2016.
LOCAT ION OVERVIEW RIVERTON, UT
P U R C H A S E P R I C E $2,432,000
C A P R AT E 5%B U I L D I N G S F 3,200 SF
P R I C E / S F ( C U R R E N T ) $38.00
PA R K I N G S PA C E S 31
PA R C E L S I Z E 0.65 ACRES
A P N 33-05-126-019
T Y P E O F O W N E R S H I P FEE SIMPLE
PROPERTY INFO
T R A D E N A M E COSTA VIDA
T E N A N T/G U A R A N TO R CV STORES, LLC (FRANCHISEE)
LO C AT I O N S O W N E D B Y C V S TO R E S , L LC 13
L E A S E T Y P E NNN
H VA C M A I N T E N A N C E TENANT
I N S U R A N C E S TENANT
U T I L I T I E S TENANT
R O F R NO
L E A S E T E R M 15 YEARS + 3-5 YEAR OPTIONS
A N N U A L B A S E R E N T ( C U R R E N T ) $121,600
A N N U A L R E N T/ S F $38.00
L E A S E C O M M E N C E M E N T APRIL 22, 2017
L E A S E E X P I R AT I O N APRIL 21, 2032
T E R M R E M A I N I N G O N L E A S E 14 YEARS
R E N E WA L O P T I O N S 3 - 5
I N C R E A S E S 10% EVERY 5 YEARS
T E R M I N AT I O N R I G H T NO
R O O F A N D S T R U C T U R E R E PA I R LANDLORD
LEASE INFO
AND REPLACEMENT
COSTA VIDA3627 WEST 13400 SOUTH, RIVERTON, UT
13400 South
3600 West
COSTA VIDA3627 WEST 13400 SOUTH, RIVERTON, UT
P U R C H A S E P R I C E $2,432,000C A P R AT E 5%C U R R E N T A N N U A L R E N T $121,600B U I L D I N G S F 3,200 SFP R I C E / S F $38PA R K I N G S PA C E S 31 L O T S I Z E 0.65 ACRESPA R C E L N U M B E R 33-05-126-019L E A S E T Y P E NNNY E A R B U I LT 2016T Y P E O F O W N E R S H I P FEE SIMPLEC R O S S PA R K I N G YESC R O S S E A S E M E N T S YESM O N U M E N T S I G N NOO C C U PA N C Y 100%
PROPERTY SUMMARY
LEASE YEARS PSFRENT
MONTHLYRENT
ANNUALRENT
Y E A R S 1 - 5 $38.00 $10,133.33 $121,600
Y E A R S 6 -1 0 $41.80 $11,146.67 $133,760
O P T I O N 1
Y E A R S 1 1 -1 5 $45.98 $12,261.33 $147,136
O P T I O N R E N T
T H R E E 5 Y E A R O P T I O N S RENT INCREASES 10% EVERY 5 YEARS
RENT SCHEDULE
PROPERTY AERIAL3627 WEST 13400 SOUTH, RIVERTON, UT
WALMART SUPERCENTER
Bangerter Hwy- 36,690 ADT
13400 South - 27,410 ADT
SPARKLE EXPRESSCARWASH & DETAILING
LIQUOR STORE
STARBUCKS
BANK
3600 West
SITE
EXTER IOR PHOTOS
WALMART SUPERCENTER
Bangerter Hwy
13400 South
3600
West
3600 West
13400 S
INTER IOR PHOTOS
POPULATION1 Mile 3 Miles 5 Miles
POPULATION
2017 Estimated 6,209 82,881 163,5282022 Estimated 6,820 94,961 187,318MEDIAN AGE
2017 Estimated 27.0 28.1 29.4RACE AND ETHNICITY
White 92.6% 91.7% 90.3%Black or African American 0.3% 0.6% 0.9%Hispanic 5.7% 6.8% 7.4%Asian 2.4% 2.1% 2.5%American Indian or Alaska Native 0.2% 0.3% 0.4%
Pacific Islander 0.2% 0.7% 0.8%Other Race 1.9% 2.1% 2.3%Two or More Races 2.5% 2.5% 2.8%
INCOME & EMPLOYMENT1 Mile 3 Miles 5 Miles
HOUSEHOLD INCOME
2017 Estimated Average $128,653 $ 108,751 $ 110,5392022 Estimated Average $ 145,616 $ 123,284 $ 124,260EMPLOYMENT STATUS
2017 Employed 16+ 97.2% 97.2% 97.2%2017 Unemployed 16+ 2.8% 2.8% 2.8%CLASS OF WORKERS
White Collar 72.6% 69.8% 71.1%Services 12.3% 13.4% 12.6%Blue Collar 15.1% 16.8% 16.3%
HOUSEHOLDS1 Mile 3 Miles 5 Miles
HOUSEHOLDS
2017 Estimated 1,524 21,666 43,2982022 Estimated 1,674 24,761 49,668ANNUAL HOUSEHOLD GROWTH RATE
2010-2017 2.09% 2.80% 3.66%2017-2022 1.90% 2.71% 2.78%HOUSEHOLD SIZE
2017 Estimated Average 4.07 3.82 3.68
DEMOGRAPHICS
© 2018 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not beenverified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Informationshould take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
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Russ HarrisFirst Vice President+1 801 869 8038
JR MooreFirst Vice President+1 801 869 8035
Stephanie BuranekAssociate
+1 801 869 [email protected]
FOR MORE INFORMATION, PLEASE CONTACT
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