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10/17/17
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Red Rock Commons, a fully occupied 134.2k sf retail center in Saint George, UT, traded hands for $33.2 mil ($247/sf). Some of the center’s tenants include Dick’s Sporting Goods, Old Navy, Petsmart, Ulta Salon and The Gap.
Built in 2011 and 2012 to institutional-quality standards, Red Rock Commons is situated on 19 acres and consists of four multi-tenant buildings and two freestanding pad buildings. The asset is located just off Interstate 15 at the northeast corner of S. River Rd and E. 100 South. It is roughly 300 miles south of Downtown Salt Lake City and 120 miles from Las Vegas.
Pete Bethea, Rob Ippolito and Glenn Rudy with NKF Capital Markets represented the seller, Shopcore/Blackstone. The buyer, Pacific Castle, was self-represented.
“Red Rock Commons has been extremely well-managed and is one of the best shopping centers in the market,” said Bethea. “The buyer has secured a quality fully leased asset with 90 percent of its net operating income derived from strong credit, national brands.”
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