Red Mountain Group has purchased 20 fee-simple Big Box stores in a $47.5 million all-cash, off-market deal from Big Lots Stores. The vacant properties are located in 20 different cities across four states, 16 of which are located in California. The sale also included an additional 3.5 acres of land for future retail pad development.
Prior to the close of escrow, Red Mountain's leasing team executed eight major tenant leases.
Red Mountain Group, which is headquartered in Santa Ana, CA, has previously purchased five other retail portfolios of this size from both publicly owned retailers and private equity firms. The firm's portfolio encompasses 5.65 million square feet of commercial retail development with a current value of over $1.5 billion.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
