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4/23/18
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A 3.3k sf, single-tenant retail property in Utah that is NNN-leased to a Jack in the Box franchisee sold for $2.25 mil, or $682/sf. The buyer was a NoCal-based private investor completing the upleg of a 1031 exchange.
Built in 2000 and situated on approximately one-acre, the property is located at 1596 S. Convention Center Drive. It is situated near the Dixie Convention Center as well as five major hotels. St. George is located within Washington County, one of the fastest growing counties in the nation.
Joe Chichester, Thomas Chichester and Matt Brooks with Faris Lee Investments represented the buyer in the deal. NAI Excel represented the seller. According to Joe Chichester, the transaction involved the buyer disposing of two of their management intensive retail centers and then trading into this passive net leased investment with a national brand, giving them long-term security in the deal.
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