Blackstone Affiliate Sells UT Retail Center for $33M
- Oct 18, 2017
Pacific Castle has purchased Red Rock Commons, a 134,152-square-foot retail center in St. George, Utah, for $33.2 million. The seller, Shopcore, an affiliate of The Blackstone Group, was represented by Pete Bethea, executive managing director and Rob Ippolito and Glenn Rudy, senior managing directors, in Newmark Knight Frank’s retail division. The buyer was self-represented.
Built in 2011 and 2012, the retail center is located at 15 S. River Road, occupying 19 acres, and consists of four multi-tenant and two freestanding pad buildings. The property is situated just off Interstate 15 at the northeast corner of S. River Road and E. 100 S.
“Red Rock Commons has been extremely well-managed and is one of the best shopping centers in the market,” said Bethea, in prepared remarks. “The buyer has secured a quality fully leased asset with 90 percent of its net operating income derived from strong credit, national brands.” Some of the center’s tenants include Dick’s Sporting Goods, Old Navy, Petsmart, Ulta Salon and The Gap.
Image courtesy of Newmark Knight Frank