Grubb & Ellis Co. represented Red Mountain Retail Group, a Santa Ana-based investment buyer and retail developer, in the purchase of a 10-acre retail site in Buena Park, Calif., formerly anchored by Kmart.
The transaction was valued at $12 million.
The property, which is located at 5885 Lincoln Ave., includes 110,000 square feet of retail space that was vacant at the time of sale. Red Mountain plans to completely rehab the property, creating a new retail center with approximately 130,000 square feet of space. Construction slated to begin later this year with the grand opening scheduled for summer 2005.
Los Angeles-based Security Trust was the seller of the property.
Grubb & Ellis is a global provider of integrated real estate services.
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