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Red Mountain Group closes 20-property deal
Red Mountain Group, Inc., a privately owned Orange County, California-based leader in the nationwide retail redevelopment industry, has purchased 20 empty, fee-simple, retail big box stores in a $47.5 million all-cash, off-market deal from Big Lots Stores, Inc.
About 16 of the 20 empty retail buildings are Northern California and Southern California, totaling 463,427 square feet. The portfolio includes 3.5 acres of land for future retail pad development.
“With our sustainable debt and equity, we are able to execute portfolio deals of this magnitude,” said Michael Mugel, Red Mountain Group CEO. “We have been, and continue to be, a reliable liquidity resource for both private owners and public retailers that own their real estate. For the past 31 years, we have been able to execute on this business plan regardless of market conditions.”
Red Mountain Group is a privately held retail redeveloper with a portfolio encompassing 5.65 million square feet of comme