CAFE ZUPAS - CBC Advisors

MARKET AREA
CBC ADVISORS
CONCEPTUAL PHOTOS
CAFE ZUPAS
CAMERON SIMONSEN
Retail Specialist
cameron.simonsen@cbcadvisors.com
801-453-6824
STUART THAIN
Retail Specialist
stuart.thain@cbcadvisors.com
801-947-8303
Salt Lake City Office | 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com
MARKET AREA
CBC ADVISORS
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
PROPERTY AND FINANCIAL SUMMARY
CONCEPTUAL PHOTOS
TENANT INFORMATION
MARKET AREA
UTAH ACCOLADES
TABLE OF CONTENTS
Salt Lake City Office | 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com
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. © 2015
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. © 2015
EXECUTIVE
SUMMARY
MARKET AREA
CBC
CBC ADVISORS
ADVISORS
The investment opportunity is a new 3,600 square foot build to suit for Café Zupas in Murray, UT.
The lease is a Double Net (NN) 10 year term with two 5 year options and is estimated to commence
in June of 2016. The property is leased to corporate Café Zupas, L.C. an experienced operator of
fast casual restaurants with 30+ locations in five states. The property is located in the heart of Salt
Lake County at The Pointe @ 53rd development. Nearby retail anchors include Best Buy, Barnes &
Noble and Utah’s best performing Costco. The largest regional hospital in Utah is located directly
across the street (Intermountain Medical Center). The site is also within walking distance to both
Murray High School and Hillcrest Jr. High.
INVESTMENT HIGHLIGHTS
• Double-Net (NN) Lease: The Landlord’s maintenance obligations are limited to the foundations
of the structure including structural walls, the roof and roof membrane, load-bearing walls and
the HVAC system. Any repair and maintenance required for the HVAC system shall be reimbursed
by the Tenant.
• Brand New Building: The building is a build to suit for Café Zupas. The Landlord will have a fee
simple interest in a newly constructed building specifically for the tenant.
• Irreplaceable real estate in the heart of Salt Lake County.
Salt Lake City Office | 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com
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. © 2015
MARKET AREA
PROPERTY
AND FINANCIAL SUMMARY
CBC
CBC ADVISORS
ADVISORS
NAME: CAFE ZUPAS
Address: Approximately 5200 South State Street in Murray, UT
Building Size: 3,600 SF
Lot Size: 0.348 acres (cross parking with adjacent shopping center)
Zoning: Commercial
Year Built: 2016
Sales Price: $2,100,000
Cap Rate: 6.0%
LEASE SUMMARY
Monthly Rent: $10,500.00
Rent Commencement: Estimated at June of 2016
Lease Expiration: Estimated at June of 2026
Rent Increase Date: Estimated at June of 2021
Rent Increase Amount: 12.5%
Lease Type: Double-net (NN) with limited Landlord maintenance obligations
Options: Two 5 year options
LEASE YEAR
ANNUAL RENT CAP RATE
1-5 $126,000.00 6.0%
6-10 $141,768.00 6.75%
$159,480.00
7.59%
$179,424.00
8.5%
11-15 (option)
16-20 (option)
Salt Lake City Office | 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com
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. © 2015
CONCEPTUAL
MARKET AREAPHOTOS
CBC
CBC ADVISORS
ADVISORS
Salt Lake City Office | 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com
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. © 2015
TENANT
MARKETINFORMATION
AREA
CBC
CBC ADVISORS
ADVISORS
ABOUT THE TENANT
Café Zupas is a Utah-grown success story. In 2004, the soup-salad-sandwich fast casual chain
opened its first restaurant in Provo, UT. It has since grown to 30+ locations throughout Utah,
Nevada, Arizona, Idaho and Minnesota with aggressive expansion plans for the future. The Utah
Restaurant Association recognized Café Zupas with its Best New Concept Award for 2014. The
award goes to a restaurant concept that has the growth potential to expand nationally.
Café Zupas has had the honor of winning 20 Utah Best-of-State awards over eight consecutive
years including 7 for Best Soups, 4 for Best Salads, 5 for Best Sandwiches and 4 for Best
American. In 2013, United Fresh Foundation presented Café Zupas with the “Produce Excellence in
Foodservice” award for outstanding use of produce in culinary arts.
Café Zupas has partnered Karp Reilly as an investor. Karp Reilly is a well-respected growth investor
that has helped emerging brands such as Café Rio, Dollar Tree, Rue 21, The Habit Burger Grill,
Mimi’s Café, Miller’s Ale House, Tommy Bahama etc. in expanding their concepts. Their investment
philosophy reflects the companies that they work with: ambitious, hands-on and growth-focused.
Salt Lake City Office | 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com
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. © 2015
MARKET AREA
CBC
CBC ADVISORS
ADVISORS
MURRAY
Murray is an established suburb located in Salt Lake County. It is home to the largest hospital in
Utah (Intermountain Medical Center), Utah’s top performing regional mall (Fashion Place Mall),
Salt Lake County’s largest auto row, etc. It is located right in the center of the Salt Lake Valley and
is easily accessed by I-15 (the main north to south thoroughfare) and I-215 (the main east to west
thoroughfare).
UTAH
Utah has been ranked the “Best State for Business” by Forbes magazine in 2010, 2011, 2012 and
2014. It is consistently viewed as a state with a skilled workforce, low energy costs, pro-business
climate and economic growth. Utah is home to many of the country’s top universities including the
University of Utah, Brigham Young University, Utah State University, Utah Valley University, etc.
Salt Lake City Office | 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com
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. © 2015
MARKET AREA
CBC
CBC ADVISORS
ADVISORS
UTAH ACCOLADES:
Utah has been ranked the “Best State for Business” by Forbes in 2010, 2011, 2012 & 2014.
Utah #1 Best Economic Outlook for 2015 - American Legislative Exchange Council. April 2015.
Salt Lake City is the #1 Hot Startup City that isn’t San Francisco or New York – Entrepreneur August 2015.
Utah #3 Top State for Business – CNBC June 2015.
University of Utah Health Care #6 “Quality and Accountability” – UHC October 2014.
Top 15 of Advanced Industry Intensity – Brookings February 2015.
Top 10 Most Innovative Tech Hubs – nerdwallet February 2015.
#1 on the 5 Happiest States in America – Alternet September 2014.
Deer Valley Resort ranked the #2 best resort – SKI Magazine September 2014.
Utah unemployment second-lowest in the nation – Office of Governor Gary Herbert September 2014.
Utah ranks third in household income growth – The Salt Lake Tribune September 2014.
University of Utah entrepreneurship program ranked as a top 25 program – Princeton Review September 2014.
Arches National Park is one of the Top 20 National Parks – Travel Telegraph April 2015.
Utah receives an “A” grade in government technology survey – Business Wire September 2014.
Utah lands 85 spots on Inc. 5,000, total revenues top $2.9B – August 2014.
Utah has more top 10 economic rankings than any other state – Daily Herald June 2014.
Utah Transit Authority honored as nation’s best transit system – American Public Transportation Association June
2014.
Utah #3 Top States for Business – CNBC June 2014.
Utah #6 Safest Place to Live – Wallet Hub June 2014.
Utah #5 Best Places to Make a Living – MoneyRates.com June 2014.
Utah #3 “10 best states for retirement” – Bankrate June 2014.
Utah #3 Best Cities for New College Grads – Kiplinger May 2014.
Utah #1 in U.S. for charitable giving – Gallup May 2014.
Salt Lake City Office | 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com
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. © 2015
MARKET AREA - AERIAL
CBC
CBC ADVISORS
ADVISORS
CBC Advisors
SITE
Salt Lake City Office | 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com
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. © 2015
MARKET AREA - SITE PLAN
CBC
CBC ADVISORS
ADVISORS
(SITE)
Salt Lake City Office | 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com
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. © 2015