SOLD.
NAI Excel recently facilitated the investment sale of the retail center at 446 S Mall Drive in St. George, Utah, known as the Centre at Dinosaur Crossing. The 22,305 square foot center is located at the corner of Mall Drive and Riverside Drive directly across from Maverik, Golden West Credit Union, and Smith’s grocery store. The buyer completed a 1031 tax deferred exchange into this leased investment property. Jon Walter and Jason Griffith represented the parties in the transaction. The Centre at Dinosaur Crossing is home to 10 different businesses including Stapley Pharmacy, Brain Balance, All State Insurance, Rapid Cycling, F45 Fitness and Beehive Learning Academy.
“The Sellers originally purchased this property and developed the center long before the Mall Drive Bridge came in. They took advantage of this opportunity to sell, realizing the gain in value from its historical appreciation,” stated Walter who represented the seller, “the same partnership owns 4.09 acres on the west side of this property, which is currently available for sale for $3,650,000. This other parcel is the last undeveloped corner on this intersection, and represents a great opportunity for development.”
Griffith represented the buyer in this 1031 exchange. When asked about the purchase, Griffith commented “This intersection is a key entrance to Washington Fields. This out of state investor saw the long term potential for growth in this area and is looking to benefit from the future cash flow.”
Jon Walter and Jason Griffith are investment brokers at NAI Excel, having completed hundreds of transactions over their careers.
NAI Excel is a leading provider of commercial Real Estate Services in the West. Operating as NAI Excel in Utah and Idaho and NAI Vegas in Nevada, we are part of the NAI Global network covering nearly every major market nationally and across the globe. Serving both urban and rural markets, we leverage our resources to help you excel in your real estate goals. When you work with one of our team, you get the benefit of working with all of us.
Jon Walter is COO at NAI Excel and NAI Vegas. Having completed several hundred transactions over the last decade, he is a valuable resource for clients across the Mountain West. Jon enjoys finance, analyzing deals, and adding value to existing assets. Jon has valued, marketed, and sold many small businesses. He has vast experience in mergers and acquisitions both as a principal and on behalf of his clients. His experience through the transaction process makes him a valuable resource. His targeted approach to marketing produces results.
Jason Griffith is a senior member and commercial-investment specialist at NAI Excel. He is a 22-year veteran in the St. George commercial real estate market. Jason has extensive experience in all aspects of commercial real estate, including: industrial, office, retail, consulting, investments, market analysis, project development and leasing.