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2255 North University Parkway - Provo, UtahA Walmart Neighborhood Market-Anchored Center
This Investment Offering provides the Opportunity to acquire the PARKWAY VILLAGE SHOPPING CENTER, located in Provo, Utah – one of the country’s leading economies.
The 102,298 square foot grocery-anchored shopping center is 94% occupied and features an impressive tenant profile including Walmart Neighborhood Market, The Habit Burger Grill, Cricket Communications, the United States of America Armed Forces, and the LDS Church.
Situated along the primary artery into Provo/Orem, University Parkway, the in-fill location features adjacent access to the new Utah Valley Express bus rapid transit system, along with two four year universities which provides a long-term, solid customer base. Specifically, immediate proximity to nationally-recognized BYU delivers over 34,000 students and their young families. Additionally, nearby Utah Valley University is Utah’s largest and fastest growing university.
PROPERTY INFORMATIONBuilding Size(approx.):
Lot 1 Building: 7,600 sq. ft.Lot 2 Building: 5,517 sq. ft.Lot 3 Building: 42,055 sq. ft.Lot 4 Building: 4,702 sq. ft.Lot 6A Building: 21,122 sq. ft.Lot 6B Building: 21,302 sq. ft.Total: 102,298 sq. ft.
Parcels: #49-872-0001 (Lot 1): 0.29 acres#49-872-0002 (Lot 2): 0.22 acres#49-872-0003 (Lot 3): 1.16 acres#49-872-0004 (Lot 4): 0.15 acres#49-872-0006 (Lot 6A): 0.64 acres#49-872-0010 (Lot 6B): 0.66 acres#49-872-0011 (Common Area): 7.14 acresTotal: 10.26 acres
Parking (+/-): Regular: 407 stallsDisabled: 21 stallsTotal: 428 stalls
4.18/1,000 sf ratio
Age: 1983, 1985, 1989, 2018
Zoning: SC2 (Chapter 14.19)
Sales Price: $18,600,000 ($181.82 psf)
Debt: Seller will retire existing debt
Cap Rate: 6.16%
Cash on Cash Return:
6.36% Proforma Debt
10 yr. - IRR Unleveraged:
8.49%
10 yr. - IRR Leveraged:
14.38%
WALMART NEIGHBORHOOD MARKET HIGHLIGHTS• It is a rare occurrence along the Wasatch Front to acquire a
grocery-anchored shopping center (grocer included)
• Developers and investors who own grocery-anchored centers rarely sell. In addition, most grocery operators prefer to own their real estate.
• Parkway Village’s Walmart Neighborhood Market is one of the top performing units of this type in the state of Utah and consistently achieves strong sales
• Walmart Neighborhood Market’s low cost of occupancy and strong sales will ensure their long-term continued tenancy and will fuel the center’s overall health
• Lease rate of $5.50 psf/year, NNN is well below market
• Limited grocery competition in immediate area
PARKWAY VILLAGESHOPPING CENTER
INVESTMENT OFFERING
15
15
RiversideCountry Club
The Mix
toDowntown
Provo
toSalt Lake
City
PARKWAY VILLAGE
UTA FrontRunner
State Street
University Parkway
University Avenue
University Parkway
University Place Mall
SM
Utah ValleyHospital
Imagery: Google Earth/Landsat/Copernicus
HIGHLIGHTS WITHIN IMMEDIATE PROXIMITY INCLUDE:
• THE MIX – Planned multi-family, hotel and retail mixed-use development
• TWO FOUR-YEAR UNIVERSITIES (BYU and UVU) with over 70,000 students combined, most of whom remain in Utah County post-graduation
• UVU IS THE STATE’S LARGEST AND FASTEST GROWING UNIVERSITY – in addition to its 200-acre Orem campus, the university also recently purchased 250+ acres in Vineyard to keep up with its explosive growth
• UNIVERSITY PLACE MALL – Urban development geared around a live-work-play lifestyle featuring retail, office, multi-family, outdoor amphitheater and park
• Average daily traffic count of 36,000 VEHICLES DIRECTLY IN FRONT OF CENTER, and 54,500 vehicles along University Parkway major retail corridor
Marketed by Leasing Team Members
Kip Paul Vice Chairman - Investment Sales801-303-5555 [email protected]
Spencer Crowshaw Vice [email protected]
John Owens Director - Retail, Investment, Land801-578-5567
Jorgi Paul Associate - Investment Sales801-303-5570 [email protected]
Cameron Simonsen Executive Vice [email protected]
Jonathan Owens Director - Retail, Investment, Land801-578-5568
170 South Main Street, Suite 1600Salt Lake City, Utah 84101Tel 801-322-2000cushmanwakefield.com
©2019 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPER-TY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFOR-MATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE. path: 1- Projects/Paul, K/1 - Flyers/2255nUniversityPkwy-Provo
PARKWAY VILLAGE SHOPPING CENTER
