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California  + Orange County  + Retail  | 
Red Mountain Group Acquires Big Lots Portfolio for $47.5M

Red Mountain Group Acquires Big Lots Portfolio for $47.5M

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


Inside The Story

Red Mountain Group

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.