Two Properties Sold by Red Mountain Group
Santa Ana, CA – August 17, 2017 – Red Mountain Group, Inc. is pleased to announce the disposition of two sites last week – one in Riverside, California located at 3747 Central Ave and the other located in Murray, Utah at 5596 S. Van Winkle Expressway.
The Riverside property was acquired by Red Mountain Group in August of 2015 and a vacant bank building and vacant shop space were re-developed into a free-standing Provident Bank and a 5,231 SF 3-tenant restaurant location leased to Jamba Juice, Jimmy John’s and Tokyo Joe’s. Located on one of Riverside’s busiest intersections of Central and Magnolia, the shop space was sold on August 10, 2017 for $4,025,000 at a 5.3% cap rate to an undisclosed buyer represented by Christopher Kim of NAI Capital, with Don MacLellan and Joseph Chichester of Faris Lee representing Red Mountain Group. “Empty buildings are now full of life, providing jobs, a tax base for the city, and a rehabilitated property that makes the neighborhood look great.” – Michael Mugel, CEO of Red Mountain Group
In Murray, Utah, a 1,788 SF single-tenant building leased to Wal-Mart Fulfillment Centers was sold on August 11, 2017 to an undisclosed buyer in an off-market transaction valued at $1,490,000 at a 4% cap rate that was managed internally by Jonathan Gesuale of Red Mountain Group. Red Mountain Group continues to maintain a presence in the state of Utah with one property located in a West Valley shopping center with Smith’s Foods and Home Depot anchoring the project.
The Red Mountain Group portfolio encompasses 86 shopping centers with nearly 4 million square feet of commercial retail development with a current value of over $900 million dollars with assets in 17 states. Red Mountain Group was founded in 1999 by Mr. Michael H. Mugel. The company is headquartered in Santa Ana, California, with an additional office in Phoenix, Arizona. Red Mountain Group can be found online on LinkedIn, Facebook, Twitter, and at www.RedMountainGroupInc.com
Contact: Susan Rounds, VP of Marketing
Red Mountain Group