Red Mountain Group Buys 20 Vacant Big Lot Stores for $48M

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.