Newmark has completed the $33.2 million sale of Red Rock Commons, a fully occupied 134,152-square-foot retail center in Saint George, UT. Some of the center’s tenants include Dick’s Sporting Goods, Old Navy, Petsmart, Ulta Salon and The Gap.
Newmark’s Capital Markets retail division Executive Managing Director Pete Bethea, and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller, Shopcore/Blackstone. The buyer, Pacific Castle, was self-represented.
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 Road and E. 100 South.
“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.”
The City of Saint George is approximately 300 miles south of Downtown Salt Lake City and 120 miles from Las Vegas, Nevada.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.