Orange County-based retail redevelopment firm Red Mountain Group has purchased 20 empty, fee-simple, retail Big Box stores from Big Lots Stores, Inc. Located in 4 states, but primarily California, Red Mountain Group acquired the assets for $47.5 million in an all-cash, 100% equity, no financing, off-market transaction.

The square footage of the recently-vacated portfolio totals over 463,000 square feet, and includes an additional 3.5 acres for future retail pad development. The firm’s leasing team was also able to execute 8 tenant leases prior to the close of escrow.

“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 the market conditions,” said Michael Mugel, Red Mountain Group’s CEO.

Pictured: Acquired Big Lots Store in Highland, CA