A California-based investor purchased a Castle Rock retail property at a price of $601 per square foot.

The buyer paid $5 million cash for the five-tenant net-leased property at 1341 New Beale St. The newly built 8,318-square-foot retail property is located in the Promenade at Castle Rock, one of the largest community center developments in the United States with retail, restaurants, services, multifamily and outdoor spaces on 166 acres. The project will include more than 900,000 sf of retail space and more than 32 multifamily units.

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