

Listed by NAI Excel
$4,200,000
3687 Pioneer Pkwy
Details
APN SG-GIO-1A
Property Type Retail
Sub Type Commercial, Neighborhood Center
Square Footage 6,400
Units 4
Cap Rate 6.00%
NOI $251,872
Occupancy 100%
Tenancy Multi
Brand/Tenant Alfredo's A Mexican Food, K-ARI Salon
Lease Type NNN
Remaining Term 5
Price per SqFt $656
Class A
Year Built 2023
Acreage 0.670
Zoning PDC
Investment Type Stabilized
Retail Investment Property
Marketing description
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.
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.
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 retractableroof 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.
Investment highlights
- Modern 2023 construction with minimal deferred maintenance
- 100% occupied with four quality tenants
- Ten-year lease terms staggered through 2034 providing income stability
- Adjacent to Black Desert Resort - largest resort development in Utah with $2B+ investment
- Strong demographic profile with average household income of $105,581 in 3-mile radius
- Attractive 6% cap rate on current proforma
- Gateway location on principal retail corridor for Santa Clara and Ivins
- Excellent accessibility near Pioneer Parkway and Rachel Drive
- Strong commercial anchors including Harmon's Grocery, O'Reilly Auto Parts, Ace Hardware
- Nationally recognized tenant brands with institutional backing
- Resort-driven traffic expected to transform market into year-round destination
- Neighborhood center format with diverse tenant mix serving local and visitor populations
Listing Contacts


Listed by NAI Excel
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Loan Amount
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Annual Cash Flow
$251,872.00
$20,989.33/mo
Valuation Metrics
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DSCR
6%
Cap Rate
6%
ROI
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