Red Mountain Adds SoCal Shopping Center
By Greg Cornfield May 13, 2022 5:00 pm
reprints
Investment and redevelopment firm Red Mountain Retail Group is shopping in Southern California.
The Santa Ana-based firm acquired Country Fair Shopping Center, a 168,264-square-foot, multi-tenant neighborhood shopping center for $42.3 million. Property records show Kimco Realty owned the property at 11901-12089 Central Avenue in Chino, Calif., on the western edge of San Bernardino County, bordering Los Angeles County to the west and Orange County to the south.
Newmark (NMRK) announced the deal, with Pete Bethea, Rob Ippolito and Glenn Rudy representing the seller.
“Red Mountain Group continues to be aggressive in its pursuit to acquire quality retail in Southern California and beyond,” Rudy said in a statement.
The shopping center near the 60 Freeway was 92 percent occupied at the time of sale. It is anchored by Albertsons and includes PetSmart, Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin Williams.
This deal comes after Red Mountain sold an Amazon Fresh grocery store on L.A.’s Westside for $35 million in September 2021. And last year, Kimco made national waves when it acquired Weingarten Realty Investors, owner of 159 grocery-anchored retail centers across the West Coast and Sun Belt, for about $3.87 billion in cash and stock.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
