Santa Ana, CA – July 26, 2016 – Red Mountain Group, Inc. announced today that two dispositions and one acquisitions occurred on the busy day of July 19, 2016.
Two freestanding buildings totaling 23,100 SF were disposed of for a total purchase price of over $8 million. One property, located in Dublin, California consisted of a free standing building occupied by Freebirds and Habit Burger. The other property, located in Garden Grove, California consisted of an 18,600 SF free standing building occupied by Today’s Design Furniture.
Red Mountain Group confirmed its strategy of disposing of 2nd tier properties and acquiring new properties in key urban, high density mixed-use projects, by purchasing another asset in Glendale, California – the vacant Clancy’s Crab Boiler restaurant located on the corner of Central Avenue and Salem St. This new asset compliments the 56,000 SF building located at 240 N. Brand Avenue purchased by Red Mountain Group in June, 2016.
“We are thrilled with the acquisition of these two properties in Glendale, California and we are happy to see our strategic urban vision come to fruition. Our vision for the old Clancy’s restaurant is 100,000 SF of office space with 9,000 SF of retail and for the high visibility corner of Brand Blvd & California, our vision will be to ultimately re-develop that property into either a mid-high rise or a high rise mixed use project.” – Michael H. Mugel, CEO of Red Mountain Group
The Red Mountain Group portfolio encompasses 87 shopping centers with over 4 million square feet of commercial retail development with a current value of over $850 million dollars with assets in 16 states. Red Mountain Group was founded in 1999 by Mr. Michael H. Mugel. The company is headquartered in Santa Ana, California, and also has an office in Phoenix, Arizona. Red Mountain Group can be found online on LinkedIn, Facebook, Twitter, and at www.RedMountainRetailGroup.com