Santa Clara Retail for Sale
THE OFFERING
Giovengo Building 1A presents an investor with the opportunity to acquire a modern, high-quality multi-tenant retail property located in the fast-growing resort corridor near St. George, Utah. Built in 2023, the 6,400-square-foot building is designed with four suites ranging in size from 1,178 to 2,067 square feet. The asset provides an attractive 6% CAP rate on current proforma and promises long-term capital appreciation through scheduled rent increases. Offered on an all-cash basis and in as-is condition, this investment combines stable in-place income with strong upside potential in one of the most dynamic markets in the Mountain West.
ATTRACTIVE DESIGN
The property’s architectural design is sleek and contemporary, reflecting the style of new metropolitan retail developments while harmonizing with the red rock backdrop of Ivins and Santa Clara. Giovengo’s modern construction, completed in 2023, ensures minimal deferred maintenance and an appealing streetscape presence for tenants and visitors alike.
LOCATION AND MARKET CONTEXT
Positioned near the intersection of Pioneer Parkway and Rachel Drive, the property enjoys excellent accessibility. I-15 is less than ten miles away via Old Highway 91 or Snow Canyon Parkway, connecting the property seamlessly to the rest of Southern Utah. The immediate area is anchored by strong commercial neighbors, including Harmon’s Grocery, O’Reilly Auto Parts, Ace Hardware, Dollar Tree, and others. This commercial area also serves as the principal retail corridor for the affluent Santa Clara and Ivins communities.
What truly elevates Giovengo Building 1A’s location is its adjacency to the Black Desert Resort, the largest resort development in Utah and a transformative driver of local demand. Black Desert spans more than 600 acres and represents over $2 billion in investment, blending luxury accommodations, residences, and entertainment into one of the premier resort destinations in the western United States. The resort features nearly 800 guestrooms and suites, a Tom Weiskopf–designed championship golf course ranked among the nation’s best public courses, a 15,000-square-foot spa, extensive indoor and outdoor event venues, and a wide selection of dining concepts ranging from fine dining to casual lounges. Plans also include a retractable-roof arena designed to host concerts and sporting events, along with over 200 acres of preserved land for hiking, biking, and outdoor recreation. The resort began phased openings in late 2024, with full completion anticipated in 2026. With hundreds of thousands of visitors expected each year, Black Desert is set to transform Santa Clara and Ivins into a year-round international destination, directly fueling the surrounding retail trade area. Giovengo sits at the gateway to this growth, positioned to capture both local demand and resort-driven traffic.
TENANCY AND INCOME SECURITY
The building’s tenant mix reflects the needs of both the surrounding residential base and the growing visitor population. Anchored by food service and wellness-oriented businesses, the leases are structured on ten-year terms, with expirations staggered through 2034. This deliberate rollover schedule provides investors with long-term income security while minimizing lease-up risk at any single point in time. In combination with the area’s strong demographic profile—anchored by high household incomes, quality schools, and resort-driven affluence—this tenancy underscores the long-term stability and resilience of the offering. The building is fully leased.
