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Research and Development

516 W. Stockman Way

516 W Stockman Way, Ogden, UT 84401

Listing Price: $3,405,714

Cap Rate
5.00%
Gross SF
15,850
Price/Gross SF
$214.87
Lot Size
1.20 acres
Year Built
2017
Rentable SF
15,850

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale 516 W Stockman Way (“Asset”), a modern research and development building located in Ogden, UT. The Asset totals 15,850 SF and is 100% leased to Selle Royal, an Italian based bicycle accessory manufacturer. Selle Royal has been in the Subject since it was constructed in 2017 on a NNN lease that is expiring in June 2022. The lease does contain one five-year renewal option at fair market value. The Asset is located within Ogden Business Exchange (OBE), a master-planned, state-of-the-art, lifestyle business and industrial park featuring 51 acres and conveniently located 1-mile from Ogden City central business district. The OBE is a trackline economic development project area, a plan adopted by the Ogden City Council to redevelop the previous brownfield site and bring jobs to the area. Included in this plan, the Ogden City Redevelopment Agency agreed to subsidize the rent for the first five years, making the development feasible, and attracting Selle Royal to the area. The subsidized rent incentive expires at the end of the existing term, altering the Asset back to a standard market rent. Selle Royal is currently paying $6,582 per month and rent subsidy payment of $7,768.50 per month. Agency already paid subsidy for the remainder of the term. Seller to credit Buyer at closing for each month until lease expiration.

Investment Highlights

  • Premium brick masonry brick construction
  • Ideal build out for the Tenant increases likelihood of renewal
  • 5-year renewal option at Fair Market Value
  • Location within the desirable Ogden Business Exchange

Exclusively Listed By

  • Tivon Moffitt

    Senior Vice President Investments

    (602) 687-6688

    Email Tivon

    License(s): AZ: BR639369000, UT: 11178542-AB00

    Phoenix

Broker of Record

  • Justin Forman

    Regional Manager

    (702) 215-7150

    License(s) UT: 12256000-PB00

    Utah

Research and Development

516 W. Stockman Way

Listing Price: $3,405,714

Cap Rate
5.00%
Gross SF
15,850
Price/Gross SF
$214.87
Lot Size
1.20 acres
Year Built
2017
Rentable SF
15,850

Investment Highlights

  • Premium brick masonry brick construction
  • Ideal build out for the Tenant increases likelihood of renewal
  • 5-year renewal option at Fair Market Value
  • Location within the desirable Ogden Business Exchange

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale 516 W Stockman Way (“Asset”), a modern research and development building located in Ogden, UT. The Asset totals 15,850 SF and is 100% leased to Selle Royal, an Italian based bicycle accessory manufacturer. Selle Royal has been in the Subject since it was constructed in 2017 on a NNN lease that is expiring in June 2022. The lease does contain one five-year renewal option at fair market value. The Asset is located within Ogden Business Exchange (OBE), a master-planned, state-of-the-art, lifestyle business and industrial park featuring 51 acres and conveniently located 1-mile from Ogden City central business district. The OBE is a trackline economic development project area, a plan adopted by the Ogden City Council to redevelop the previous brownfield site and bring jobs to the area. Included in this plan, the Ogden City Redevelopment Agency agreed to subsidize the rent for the first five years, making the development feasible, and attracting Selle Royal to the area. The subsidized rent incentive expires at the end of the existing term, altering the Asset back to a standard market rent. Selle Royal is currently paying $6,582 per month and rent subsidy payment of $7,768.50 per month. Agency already paid subsidy for the remainder of the term. Seller to credit Buyer at closing for each month until lease expiration.

Exclusively Listed By

  • Tivon Moffitt

    Senior Vice President Investments

    (602) 687-6688

    Email Tivon

    License(s): AZ: BR639369000, UT: 11178542-AB00

    Phoenix

Broker of Record

  • Justin Forman

    Regional Manager

    (702) 215-7150

    License(s): UT: 12256000-PB00

    Utah

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