Red Mountain Group Purchases & Sells Over $47Mill of Property in One Day
Santa Ana, California, June 14, 2016 (Newswire.com) - On June 9, 2016, Red Mountain Group, Inc. completed the simultaneous acquisition and disposition of four properties in one day valued at over $47,200,000.
These transactions were part of Red Mountain Group’s strategic plan to replace assets in the competitive grocery anchored segment with urban in-fill re-development opportunities. In this case, Red Mountain Group sold Copperwood Square Shopping Center, a 123,390 SF retail center in Citrus Heights, California, anchored by FoodMaxx, Planet Fitness, Dollar Tree and Hometown Buffet and purchased 240 N. Brand Blvd, a 63,000 SF building located in Glendale, on the southeast corner of Brand Blvd and California Avenue. This property is a vertically oriented and strategically located at ‘ground zero’ in the heart of downtown Glendale – an exciting, vibrant urban center with excellent shopping, dining, working, living and entertainment opportunities all within walking distance. In addition, Red Mountain Group also purchased an existing 37,606 SF retail center in Memphis, TN and a restaurant pad in Phoenix, AZ.
"The complexity of completing these transactions in one day is a testament to the depth and quality of our in-house Finance and Acquisitions/Dispositions team. We are very excited to be part of acquiring such core real estate in Glendale's vibrant urban downtown community. We look forward to reaching out to the city and community to explore what's possible with the purchase of these two key assets." - Michael H. Mugel, CEO and Founder of Red Mountain Group
Michael H. Mugel, CEO and Founder, Red Mountain Group
Red Mountain Group also has another property in Glendale in escrow located on the southwest corner of Central Avenue & Salem Street - the site of Clancy’s Crab Boiler. The prime located site is only three blocks north of the Americana at Brand. Red Mountain Group is considering all possibilities to re-develop both sites, including multi-story office buildings with ground retail or mixed-use hotel/residences. For leasing information on either Glendale property, please contact Kristin Ambrose at 714-460-1564.
“The complexity of completing these transactions in one day is a testament to the depth and quality of our in-house Finance and Acquisitions/Dispositions team. We are very excited to be part of acquiring such core real estate in Glendale’s vibrant urban downtown community. We look forward to reaching out to the city and community to explore what’s possible with the purchase of these two key assets.” - Michael H. Mugel, CEO and Founder of Red Mountain Group
The Red Mountain Group portfolio now encompasses 87 shopping centers with over 4 million square feet of commercial retail development with a current value of over $850 million dollars with assets in 16 states. Red Mountain Group was founded in 1999 by Mr. Michael H. Mugel. The company is headquartered in Santa Ana, California, and also has an office in Phoenix, Arizona. Red Mountain Group can be found online on LinkedIn, Facebook, Twitter, and at www.RedMountainRetailGroup.com
Source: Red Mountain Group, Inc.