Santa Ana, CA – January 11, 2016 – On December 16, 2015, Red Mountain Group, Inc. closed on a four tenant, 100% occupied building in Wichita, Kansas as the final acquisition for 2015. This was the 36th acquisition for the year, bringing the total square footage acquired in 2015 to over 930,000 SF for a combined transaction purchase price of $124+ million. The Red Mountain Group portfolio now encompasses 86 shopping centers with over 3.8 million square feet of commercial retail development with a current value of over $815 million dollars with assets in 18 states.
In 2015, Red Mountain Group had nearly $75 million in dispositions with a total square footage of over 550,000 SF. In addition, over $136 million in finance and refinancing transactions also occurred during the same time frame.
A newly formed affiliate of Red Mountain Group was also founded in 2015 – Property Management Advisors (PMA) – to bring all outsourced property management back in-house. This welcome addition to Red Mountain Group allows for better communication and integration of services in managing all properties located across the United States.
As construction at the 2015 acquired site in Long Beach, California at 4250 Long Beach Blvd is nearing completion, the local neighborhood has become very excited about the new tenants – Trader Joe’s, Crunch Fitness and Pet Food Express. At our Oxnard, California site on the corner of Ventura Road and Channel Islands Blvd, construction has commenced to revitalize a once vacant Kmart into a multi-tenant retail center including Smart & Final, LA Fitness and Star World. For Leasing information, please contact Kristin Ambrose at 714-460-1564.
Red Mountain Group is poised for another fantastic year in 2016 and is planning for additional growth and future expansion. Founded in 1999 by Mr. Michael Mugel, the company is headquartered in Santa Ana, California, and also has an office in Phoenix, Arizona. Since its inception in 1999, Red Mountain Group, Inc. has grown from one moderately sized shopping center in Phoenix, Arizona into a highly profitable portfolio of 80+ locations in 18 states. Red Mountain can be found online on LinkedIn, Facebook, Twitter, and at www.RedMountainRetailGroup.com