PLEASANT GROVE COMMERCIAL CAMPUS

PLEASANT GROVE COMMERCIAL CAMPUS

+1 801 947 [email protected]

Brandon Fugal+1 801 380 [email protected]

Eric Larsen

Colliers International 6440 S Millrock Dr Suite 500 Salt Lake City, UT 84121 P: +1 801 947 8300

FOR SALE

1199 W 700 S, PLEASANT GROVE, UT 84062

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2020. All rights reserved.

FOR SALEPROPERTY OVERVIEW

PACKAGE PRICE: CALL FOR DETAILS · 106,000 square foot campus · 23,306 square foot, 2-story office headquarters building AVAILABLE · 82,694 square foot, 2-story production/warehouse/studio building to be LEASED back by Close to My Heart · 14.02 acres (building, parking, green space – expansion property) · 30 Acres of Commercial Land

The Business and Manufacturing Park (BMP) Zone is established to provide for a mixture of research, office, and certain specialized light manufacturing uses.

This is a rare opportunity to purchase a unique office/warehouse headquarters campus, with Close to My Heart leasing back the 82,694 square foot 2-story production/warehouse/studio building.

The prominent 2-story 23,306 square feet Class A headquarters portion up front is available for lease or occupancy for an owner-user.

TENANT BACKGROUND:Close To My Heart has an over 30 year track record and is a direct sales company that offers a wide array of papercrafting products, with special emphasis on scrapbooking and stamping. For more than 30 years, founder and CEO Jeanette Lynton has been a leader in the industry.

SALE OFFERING MEMORANDUM:This unique development property which includes an established upscale commercial campus headquarters is located just off the Pleasant Grove I-15 Interchange (Exit 275), providing ideal access, visibility and opportunity. Featuring close proximity to numerous new restaurants and hospitality amenities, this is a rare opportunity to acquire one of the most strategically located development properties in Utah, with a most stunning unobstructed mountain backdrop.

· 106,000 square foot campus priced at $15,900,000 ($150 per square foot)

· at $15,000,000 ($500,000 per acre)


FOR SALEPROPERTY ACREAGE

14 Acres30 Acres

Sam White Lane

700 N

Total Acreage: 44.02 Acres

Building/Parking/Green Space Acreage: 14.02 Acres

Excess Acreage: 30 Acres


FOR SALEPHOTOS


FOR SALEFLOOR PLANS

MAIN FLOOR - OFFICE

SECOND FLOOR - OFFICE

MAIN FLOOR - MEZZANINE

SECOND FLOOR - OFFICE

Mezzanine


FOR SALEAMENITIES MAP

Pleasant Grove Blvd. (30,480 ADT)

Water GardensCinema

SITE

FOR SALEDRIVE TIMES


FOR SALESILICON SLOPES

SILICON SLOPES IS A THRIVING TECH-HUB

Utah’s “Silicon Slopes” refers to the cluster of information technology, software development, hardware manufacturing and research firms that have emerged along the Wasatch Front. Utah is nationally recognized as a leading technology hub. In fact, the demand for workers among the growing list of tech companies is out-pacing the supply of the Utah workforce.

• Utah is ranked #1 one in innovation and entrepreneurship, #2 in high-tech performance, and #3 in economic performance by the U.S. Chamber of Commerce Foundation

• Tech companies have flocked to Utah for its lower taxes, more flexible regulatory environment, and a well-educated, multilingual workforce

• Forbes has ranked Utah as the Best State for Business 6 times since 2010, and ranking 3rd in 2018

• Utah’s tech workforce is fed by major technology and research universities: University of Utah, Brigham Young University, and Utah Valley University, all of which offer programs intended to develop young entrepreneurs

• Utah has high concentrations of Software Developers, Web Developers, Computer and Information Research Scientists, and many other IT related occupations

• Utah is one of the top states in the nation for software and information technology employment with an employee base of over 66,000 people

• There is a strong mixture of local homegrown startups (Domo, Ancestry, Qualtrics, Pluralsight, etc.), as well as major Fortune 500 companies (Adobe, Microsoft, Oracle, Symantec, etc.)

• According to Wallethub, Salt Lake City ranks 7th among the best U.S. cities for STEM (Science, Technology, Engineering, and Math) jobs, beating out Chicago, New York City, San Jose, and other prominent “tech forward” towns

SALT LAKE CITYRANKED

#1CITY POISED TOBECOME NEXTTECH MECCA

(FORBES)

TECH EMPLOYMENTIN UTAH GREW

16%2012-2017

(UTAH TECHNOLOGY COUNCIL)

BETWEEN 2012-2017OVER

$4.2BILLION

OF VENTURE CAPITALWAS INVESTED IN UTAH

(UTAH TECHNOLOGY COUNCIL)

OVER

5,500TECHNOLOGY RELATED

COMPANIES IN UTAH(ECONOMIC DEVELOPMNET

CORPORATION OF UTAH)


FOR SALE

48%OF UTAHNS HAVE

OBTAINED POSTSECONDARYCERTIFICATES OR DEGREES

(UTAH.GOV)

MORE THAN

35HIGHER EDUCATION

INSTITUTIONS IN UTAH(NATIONAL DATABASEOF SCHOLARSHIPS)

OVER

69THOUSANDDEGREES AWARDED

IN 2015(DATAUSA.IO)

Utah boasts a HighlyEducated & Skilled

Workforce

UTAH IS EXPERINCINGOVERWHELMING JOB GROWTH IN

CONSTRUCTION, FINANCIAL,HEALTH &

TECHNOLOGYSECTORS(UTAH.GOV)

ABOUT

48THOUSAND

JOBS ADDED TO UTAH’S ECONOMY IN 2018

(UNIVERSITY OF UTAH)

Opportunities forJobs & Careers

in Utah are Plentiful

ONE OF THE FASTESTGROWING STATES IN THE U.S.

15.2%POPULATION INCREASE

2010-2018(ESRI BAO)

MEDIAN AGE OF

30.6THE YOUNGEST STATE INTHE U.S. BY MEDIAN AGE

(ESRI BAO)

Utah is aYoung & High-Growth

State

THERE ARE MORE THAN

420THOUSAND

MORE PEOPLE IN UTAHTHAN THERE WERE IN 2010

(ESRI BAO)

UTAH NAMED

#2BEST STATE

FOR BUSINESS IN 2018(FORBES)

RANKED

2ndBEST STATE FOR

OVERALL ECONOMY(U.S. NEWS: BESTSTATES RANKING)

AMONG THE TOP STATESIN THE U.S. FOR JOB GROWTH

3.6%UTAH’S JOB GROWTH RATE

2017-2018(U.S. BUREAU OF

LABOR STATISTICS)

TheEconomic Conditions

in Utah are Great

ABOUT

15%OF UTAH RESIDENTS SPEAK

A LANGUAGE OTHERTHAN ENGLISH AT HOME

(THE SALT LAKE TRIBUNE)

OVER

120LANGUAGES

SPOKEN IN UTAH(DESERET NEWS)

MORE THAN

246THOUSANDSPANISH SPEAKERS(U.S. CENSUS BUREAU)

Utah contains aMultilingualPopulation

RANKED

4thBEST STATE FOR

VENTURE CAPITAL(U.S. NEWS: BESTSTATES RANKING)

UTAH OVERVIEW

UTAH PROVIDES A HIGH QUALITY OF LIFE

Utah is a national leader in high job growth, low unemployment, low cost of doing business, and talented labor. Utah regularly ranks among the best states for business, careers, living, health, and quality of life. Utah provides an array of employment opportunities in various industries, and offers its residents numerous lifestyle options that range from quiet rural settings to thriving urban centers.

Most of Utah's population resides along The Wasatch Front, roughly 150 miles of contiguous cities and communities, running predominantly north-south along the I-15 corridor and the western slope of the Wasatch Mountain range, from Brigham City to Nephi.

Utah is world-renowned for its bounty of public lands and recreational opportunities ranging from mountain wilderness to desert landscapes. Utah has five national parks, six national forests, numerous state parks and recreation areas, and over a dozen ski resorts.

Utah is a geographically diverse state, encompassing a convergence of three distinct geological regions: the Rocky Mountains, the Great Basin, and the Colorado Plateau.

The beehive is the state symbol of Utah. The Mormon settlers used the symbol to represent hard work and industriousness. The beehive is where all workers cooperate in the construction of something much bigger than themselves, as a model for a properly run society.

FOR SALE

UTAH COUNTY OFFICE REPORT | Q1 2020

Office Snapshot

Under Construction1,360,743 Total Square Feet

Research & Forecast Report

UTAH COUNTY | OFFICE1st Quarter 2020

Market IndicatorsRelative to prior period Year Over Year

VACANCY

CONSTRUCTION*

RENTAL RATE**

YTD ABSORPTION

99..3300%%

229955,,993366 SSFF

11,,336600,,774433 SSFF

$$2222..2222 FFSS

*Change in under construction**For existing product — does not include asking rents currently under construction

Current

Utah County Research & Forecast Report | 1st Quarter 2020 | Utah | Colliers International11

While the majority of Q1 2020 observed continued dynamic growth and activity, the quarter ended with an economy grappling with the COVID-19 crisis. First quarter numbers indicated that office vacancy rates increased year over year from 8.67 percent in 2019 to 9.30 percent currently, but that increase was primarily due to 202,454 square feet of new office space delivered to the market so far this year.

A host of ribbon cuttings occurred, including Microsoft and Womply moving into the new 9-story Traverse Ridge Center 3, and WeWork moving into Innovation Pointe 2.Construction continues in the North Quadrant with an additional 1,225,544 million square feet of space under construction.

Overall, asking lease rates increased from $20.90 full service at this same time last year to a current rate of $22.22 full service. Class A space experienced the largest year over year increase from $22.77 full service to a current asking rate of $ 24.95 FS. Under construction asking lease rates reached $26.90 full service overall in the first quarter and were recorded even higher in the North Quadrant.

YTD Absorption By Class

YTD Completed Construction202,454 Total Square Feet

100%

North

90%

10%

North

Central

(100,000) 0 100,000 200,000 300,000 400,000

Class C

Class B

Class A

22

Market Overview*By Quadrant

Significant Under Construction Buildings by Quadrant

BUILDING QUADRANT SIZE SF

Adobe Expansion North 162.000

Utah Valley Tower North 150,000

Mountain Tech South Bldg 1 North 150,000


Valley Grove II North 140,769

Lehi Spectrum Bldg 2 North 125,000



Utah County Research & Forecast Report | 1st Quarter 2020 | Utah | Colliers International

Market View MapBy Submarket

WEST UTAH LAKE

CENTRAL

SOUTH

NORTH

*For existing product — does not include asking rents currently under construction

QUADRANT BUILDING CLASS INVENTORY VACANCY RATE YTD ABS LEASE RATECentral Class A 1,951,279 4.64% (18,368) $22.01Central Class B 4,759,925 18.65% (24,418) $20.19Central Class C 454,016 1.24% 2,160 $15.41TOTAL 7,165,220 13.73% (40,626) $20.62North Class A 5,641,946 6.76% 373,397 $26.62North Class B 3,080,413 4.28% (18,297) $22.19North Class C 132,602 1.77% (2,344) $14.05TOTAL 8,854,961 5.82% 352,756 $24.60South Class A 84,160 0.00% 0 $21.50South Class B 180,082 15.24% (12,447) $17.42South Class C 101,997 0.00% 0 -TOTAL 366,239 7.62% (12,447) $18.67West Class A 0 - - -West Class B 98,241 5.70% (3,747) $23.95West Class C 0 - - -

TOTAL 98,241 5.70% (3,747) $23.95Overall Class A Class A 7,677,385 6.15% 355,029 $24.95Overall Class B Class B 8,118,661 12.97% (58,909) $20.39Overall Class C Class C 688,615 1.16% (184) $15.01

OVERALL 16,484,661 9.30% 295,936 $22.22


FOR SALE

UTAH COUNTY OFFICE REPORT | Q1 2020

22

Market Overview*By Quadrant

Significant Under Construction Buildings by Quadrant

BUILDING QUADRANT SIZE SF

Adobe Expansion North 162.000

Utah Valley Tower North 150,000



Valley Grove II North 140,769

Lehi Spectrum Bldg 2 North 125,000



Utah County Research & Forecast Report | 1st Quarter 2020 | Utah | Colliers International

Market View MapBy Submarket

WEST UTAH LAKE

CENTRAL

SOUTH

NORTH

*For existing product — does not include asking rents currently under construction

QUADRANT BUILDING CLASS INVENTORY VACANCY RATE YTD ABS LEASE RATECentral Class A 1,951,279 4.64% (18,368) $22.01Central Class B 4,759,925 18.65% (24,418) $20.19Central Class C 454,016 1.24% 2,160 $15.41TOTAL 7,165,220 13.73% (40,626) $20.62North Class A 5,641,946 6.76% 373,397 $26.62North Class B 3,080,413 4.28% (18,297) $22.19North Class C 132,602 1.77% (2,344) $14.05TOTAL 8,854,961 5.82% 352,756 $24.60South Class A 84,160 0.00% 0 $21.50South Class B 180,082 15.24% (12,447) $17.42South Class C 101,997 0.00% 0 -TOTAL 366,239 7.62% (12,447) $18.67West Class A 0 - - -West Class B 98,241 5.70% (3,747) $23.95West Class C 0 - - -

TOTAL 98,241 5.70% (3,747) $23.95Overall Class A Class A 7,677,385 6.15% 355,029 $24.95Overall Class B Class B 8,118,661 12.97% (58,909) $20.39Overall Class C Class C 688,615 1.16% (184) $15.01

OVERALL 16,484,661 9.30% 295,936 $22.22

Copyright © 2019 Colliers International.The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult theirprofessional advisors prior to acting on any of the material contained in this report.

Colliers International | Utah6550 South Millrock Dr., Suite #200Salt Lake City, UT 84121+1 801 947 8300colliers.com/Utah

Forecast Asking Lease Rates (FS)Under Construction Averages

Megan DonnellResearch Analyst | Utah+1 801 453 [email protected]

FOR MORE INFORMATION

Even though companies had to shift quickly to a temporary remote working strategy at the end of the quarter moving into Q2, office occupancies were maintained with no noteworthy vacancies. The economic impact of the virus crisis on the market has yet to be determined or quantified, as most office users have remained relatively optimistic in the face of a challenging climate.

Lana HowellSenior Director of Research & Marketing | Utah+1 801 453 [email protected]

$26.23

$27.00 $26.90

$25.50

$26.00

$26.50

$27.00

$27.50

Central North Overall

Contributors

Josh SmithVice President | Utah+1 801 453 [email protected]

Brandon FugalChairman | Utah+1 801 947 [email protected]

Copyright © 2019 Colliers International.The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult theirprofessional advisors prior to acting on any of the material contained in this report.

Colliers International | Utah6550 South Millrock Dr., Suite #200Salt Lake City, UT 84121+1 801 947 8300colliers.com/Utah

Forecast Asking Lease Rates (FS)Under Construction Averages

Megan DonnellResearch Analyst | Utah+1 801 453 [email protected]

FOR MORE INFORMATION

Even though companies had to shift quickly to a temporary remote working strategy at the end of the quarter moving into Q2, office occupancies were maintained with no noteworthy vacancies. The economic impact of the virus crisis on the market has yet to be determined or quantified, as most office users have remained relatively optimistic in the face of a challenging climate.

Lana HowellSenior Director of Research & Marketing | Utah+1 801 453 [email protected]

$26.23

$27.00 $26.90

$25.50

$26.00

$26.50

$27.00

$27.50

Central North Overall

Contributors

Josh SmithVice President | Utah+1 801 453 [email protected]

Brandon FugalChairman | Utah+1 801 947 [email protected]

PLEASANT GROVE COMMERCIAL CAMPUS1199 W 700 S, PLEASANT GROVE, UT 84062

+1 801 947 [email protected]

Brandon Fugal+1 801 380 [email protected]

Eric Larsen

Colliers International 6440 S Millrock Dr Suite 500 Salt Lake City, UT 84121 P: +1 801 947 8300

FOR SALE

Documents

PLEASANT GROVE COMMERCIAL CAMPUS