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 ?199,462 residents with an annual household income of ?$142,301 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.
