STNL Shake Shack 4415 Tree Sparrow Ln 3,529 SF 4-Star Retail Building Riverton, UT 84096 $4,700,000 ($1,331.82/SF) 5% Cap Rate
INVESTMENT HIGHLIGHTS
- New 10-Year Ground Lease with Corporate Guaranty (NYSE: SHAK)
- Percentage Rent and 10% Increases Every 5 Years
- Positioned within Mountain View Village, a ±1MM SF mixed-use destination
- Absolute NNN with Zero Landlord Responsibilities
- Benefits from frontage along 13400 South St. (±31,227 VPD)
- Surrounded by 100+ national retailers
EXECUTIVE SUMMARY
Colliers is pleased to exclusively offer for sale a new construction single tenant net-leased Shake Shack with drive-thru located within Mountain View Village – an 85-acre mixed use destination that is part of a 600-acre master development featuring additional residential, office, and retail, in the Salt Lake City, UT MSA.
The asset benefits from a 10-Year Absolute NNN ground lease with percentage rent and 10% rent increases every five years, including options, along with frontage on 13400 South and combined traffic counts in excess of ±47,827 VPD.
Mountain View Village has been drawing people 25 miles south of downtown Salt Lake with its vast amount of must-visit shops and restaurants. Notable national co-tenants include Harmons, Cinemark, Sephora, Nike, Michaels, Burlington, PetSmart, Kona Grill, and more. The project is in Phase III of development with additional retail, office, medical, hotel, and a future Trax Line transit line extension. Upon completion of the Mountain View Village project, Mountain View Corridor is projected to carry ±165,000 VPD.
The asset is surrounded by affluence with nearby neighborhoods that are well known for being impressive in size and finishes servicing ±206,439 residents with an annual household income of ±$159,859 within a 5-mile radius. With the surrounding trade area growth and adjacent development, this property provides investors with a stable investment opportunity for years to come.
The asset benefits from a 10-Year Absolute NNN ground lease with percentage rent and 10% rent increases every five years, including options, along with frontage on 13400 South and combined traffic counts in excess of ±47,827 VPD.
Mountain View Village has been drawing people 25 miles south of downtown Salt Lake with its vast amount of must-visit shops and restaurants. Notable national co-tenants include Harmons, Cinemark, Sephora, Nike, Michaels, Burlington, PetSmart, Kona Grill, and more. The project is in Phase III of development with additional retail, office, medical, hotel, and a future Trax Line transit line extension. Upon completion of the Mountain View Village project, Mountain View Corridor is projected to carry ±165,000 VPD.
The asset is surrounded by affluence with nearby neighborhoods that are well known for being impressive in size and finishes servicing ±206,439 residents with an annual household income of ±$159,859 within a 5-mile radius. With the surrounding trade area growth and adjacent development, this property provides investors with a stable investment opportunity for years to come.
DATA ROOM Click Here to Access
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
3,529 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
2023
Price
$4,700,000
Price Per SF
$1,331.82
Cap Rate
5%
NOI
$235,094
Tenancy
Single
Building Height
1 Story
Building FAR
0.23
Lot Size
0.35 AC
Zoning
Commercial - Commercial
AMENITIES
- Signage
- Drive Thru
- Air Conditioning
- Smoke Detector
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Shake Shack
- Accommodation and Food Services
-
99,999 SF
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Shake Shack | Accommodation and Food Services | 99,999 SF | - | - |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $115,304,100 | |
| Land Assessment | $25,458,200 | Total Assessment | $140,762,300 |
