Red Mountain Group, Inc. has announced the acquisition of Indio Towne Center, a 560,000 SF regional power center anchored by grocery store WinCo located at 42100 Jackson Street in Indio, California.
Bill Bauman and Kyle Miller formally of Savills Studley brokered the transaction for an undisclosed amount.
The shopping center is located on the I-10 Freeway and Jackson Street with highly visible pylon signage and over 1,670 SF of frontage overlooking the freeway with over 150,000 cars per day. Indio Towne Center is the largest regional shopping center serving the east end of the Coachella Valley.
WinCo Foods is the only large format grocery store in the region which creates a customer draw from over a 15-mile radius. Other major tenants include Home Depot, 24 Hour Fitness, Party City, Petco and CVS. National Fast food tenants include Taco Bell, KFC, Panda Express, Jack in the Box, McDonalds, Subway and Starbucks.
With a recently vacated 46,827 SF Toys R Us storefront along with the undeveloped anchor building and shop pads which will support an additional 141,000 SF of building area, this property falls right into Red Mountain Group’s core business model of re-tenanting and re-developing centers with upside potential.
While in escrow, Red Mountain Group has signed leases with Marshalls and Burlington Coat Factory and is working with other national tenants to add to the existing dynamic tenant mix. For leasing information, please contact Kristin Ambrose at 714-460-1564 or Walter Pagel at CBRE at 949-725-8457. For additional property information, visit the property page on Red Mountain Group’s website at https://www.redmountaingrou pinc.com/property/indio-towne- center/
The Red Mountain Group portfolio encompasses 88 shopping centers with nearly 4.5 million square feet of commercial retail development with a current value of over $950 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