Carlos Lopez of Faris Lee Investments in Irvine, who represented Red Mountain, tells GlobeSt.com that the portfolio totals more than 700,000 sf in California, Illinois, Kansas, Montana, North Carolina, Wisconsin and Utah. Faris Lee and Red Mountain did not disclose the name of the seller, but public records indicate the properties are owned by Boise, ID-based Albertsons.

Mike Mugel, CEO of Red Mountain's retail group, says the company closed on the all-cash transaction within 90 days. Lopez noted that closing on all of the deals in the 90-day schedule meant that the buyer had to overcome the difficulties in dealing with 11 cities with 11 sets of rules and regulations in seven states.

Lopez tells GlobeSt.com that the retail package was about 98% occupied at the close of the sale. Most of the centers were built in the 1970s, with a few that were built more recently. The anchor locations, which weren't sold, are held by Albertsons, Jewel or Osco and Sav-On.

The seller represented itself in the sale of the portfolio, which included 73,000 sf at 2840 S. Bristol St. in Santa Ana, CA; 33,000 sf at 2505 Santa Monica Blvd. in Santa Monica, CA; 35,000 sf at 3710 Tweedy Blvd. in South Gate, CA; 78,000 sf at 151 W. Base Line Rd. in Rialto, CA; 41,000 sf at 133 E. L St. in Wilmington, CA; 32,807 sf at Cumberland Plaza in Des Plaines, IL; 82,000 sf in the 5200 block of West 95th Street in Overland Park, KS; 108,081 sf at the Bozeman Shopping Center in Bozeman, MT; 199,826 sf along the Van Winkle Expressway in Salt Lake City; 21,000 sf at East North Avenue and North Humbolt Boulevard in Milwaukee; and a property at 2401 N. College Rd. in Wilmington, NC, that consists primarily of a 20,000-sf land parcel plus apartments and small stores.

Red Mountain owns more than 40 shopping centers in seven states. Lopez says the firm plans further acquisitions this year and expects to increase the square footage it owns by about 40% by the end of 2003.