Red Mountain

What Red Mountain does

Red Mountain Group, Inc. is a privately held, vertically integrated retail real estate redevelopment company headquartered in Santa Ana, California. Founded in 1991 by Michael H. Mugel, the firm acquires distressed or underperforming retail shopping centers, executes repositioning and re-tenanting programs, and either operates them as long-term holdings or sells them to institutional investors. The company reports a current portfolio exceeding 6.5 million square feet across 22 states with 120+ owned shopping centers, $4.5B in cumulative developed/redeveloped value, and 350+ closed deals since inception. Its GTM motion is sales-led, deploying an in-house leasing team that directly engages national and regional retail tenants (Walmart, Costco, Trader Joe's, Nordstrom Rack, Dick's Sporting Goods, Ross, Starbucks, among others) for pad and anchor space in repositioned centers.

The company's core offering is the repositioned shopping center asset itself, not a software product. Operations are vertically integrated through three functions: (1) acquisition and capital structuring via the President/CIO (Carl L. Roude) and CFO/COO (George F. Derrington); (2) redevelopment and development under the SVP of Development (Tim J. Dollander) with selective ground-up activity added in 2025; and (3) leasing and property management through senior leasing executives and the wholly-owned Property Management Advisors (PMA) subsidiary, formed in 2015 to bring outsourced management in-house. Capital sourcing spans long-tenured relationships with Farmers & Merchants Bank, Morgan Stanley, and John Hancock.

The revenue model combines three streams: rental income from owned retail assets, property management fees via PMA (including to third-party managed properties), and realized gains on disposition of stabilized assets to institutional buyers such as Nuveen Real Estate. Pricing is not publicly disclosed and varies by property, location, square footage, and lease terms. The customer base spans three distinct segments: national and regional retail tenants (leasing customers), institutional and private real estate investors (acquisition counterparties), and owners of distressed retail properties (sellers). Headquarters at 1234 East 17th Street, Santa Ana, with an Arizona regional office; markets served span the U.S. Southwest, West, Midwest, Southeast, and Northeast.

Name

Red Mountain

Legal name

Red Mountain Group, Inc.

Website

https://redmountaingroupinc.com

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

1–10 employees

Short description

Red Mountain Group is a privately held, vertically integrated retail real estate redevelopment firm that acquires distressed shopping centers, repositions and re-tenants them, and either holds or sells them to institutional investors. The firm operates a 6.5M SF portfolio across 22 states through in-house acquisition, leasing, and property management.

Ownership category

akta.pro rank

Headquarters

HQ city

Santa Ana

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Retail Real Estate Ownership and Leasing: Revenue generated through ownership and leasing of retail shopping center properties across 22 states. The company acquires distressed or underperforming properties, redevelops them, and leases space to national and regional tenants.
2. Property Management Services: Property management through affiliate Property Management Advisors (PMA), bringing outsourced property management back in-house for better communication and integration of services.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Red Mountain Group acquires distressed, underperforming, or blighted retail shopping centers, redevelops and repositions them with national and regional tenants, and either holds them in its portfolio or sells them to institutional and private investors. The firm also provides in-house property management services through its affiliate Property Management Advisors (PMA).

Product overview

Red Mountain Group is a vertically integrated retail real estate re-development company that acquires, redevelops, and manages shopping centers and retail properties. The company transforms distressed strip malls and blighted retail buildings into thriving local shopping centers. Their core business model involves acquiring underperforming retail properties (typically at low occupancy), executing comprehensive repositioning and merchandising plans to increase occupancy and tenant quality, and either operating them as part of their portfolio or selling them to investors. The company does not offer a software product; instead, their 'products' are the shopping center properties themselves, along with their redevelopment and property management services.

Differentiator

Problem solved

Functional benefit

Products and services

• Retail Shopping Center Acquisition and Redevelopment

Quantifiable outcome

• Achieved 94% occupancy at Algonquin Commons (purchased at 60% occupancy)
• +2 more outcomes

Named customers31 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered key, supporting and core.

• Bill Bauman (Newmark)keyChannel Partner/ Reseller/ DistributorBill Bauman of Newmark represented Red Mountain Group exclusively in the sale of Algonquin Commons to Nuveen Real Estate. Bill Bauman has also brokered multiple other RMG transactions including La Cienega Triangle acquisition.
• Bill Bauman (Savills Studley)keyChannel Partner/ Reseller/ DistributorBill Bauman of Savills Studley brokered The Knolls Shopping Center sale for $29.15M to an all-cash buyer.
• Bill Bauman and Kyle Miller (Savills Studley)keyChannel Partner/ Reseller/ DistributorBill Bauman and Kyle Miller formally of Savills Studley brokered the acquisition of Indio Towne Center, a 560,000 SF regional power center.
• Faris LeesupportingChannel Partner/ Reseller/ DistributorFaris Lee's Donald MacLellan and Joseph Chichester represented Red Mountain Group in the sale of Riverside Strip Center for $4.025M at 5.3% cap rate.
• NAI CapitalsupportingChannel Partner/ Reseller/ DistributorNAI Capital represented the buyer in the Riverside Strip Center transaction.
• Luke Palmo (Coldwell Banker Commercial)supportingChannel Partner/ Reseller/ DistributorLuke Palmo of Coldwell Banker Commercial co-brokered the acquisition of La Cienega Triangle property.
• Property Management Advisors (PMA)coreStrategic or Co-development PartnerAffiliate company founded in 2015 to bring all outsourced property management back in-house. Allows better communication and integration of services in managing properties across the United States.
• Property Management Advisors (PMA)coreImplementation/ SI/ Consulting PartnerPMA manages property managers across various properties including Heather Dacus (Tucson), Laura Alegria (Anaheim/Garden Grove), Charles Seager (Harbor Gateway), Roger Hunter (San Pablo), Renee Olson (Phoenix properties).

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Regency Centers Corporation: Regency Centers is a leading publicly traded retail REIT specializing in grocery-anchored neighborhood and community shopping centers. It is a direct peer to Red Mountain in product type and tenant profile, with a deeper national footprint and permanent institutional capital.
• Federal Realty Investment Trust: Federal Realty is a leading publicly traded retail REIT focused on grocery-anchored shopping centers and mixed-use districts. It is comparable to Red Mountain in customer base (national retail tenants) and product category, but operates primarily stabilized core assets rather than distressed-to-stabilized redevelopment.
• Kite Realty Group: Kite Realty Group is a publicly traded retail REIT that owns and operates high-quality open-air shopping centers. Comparable to Red Mountain in shopping-center product type, tenant mix, and value-add orientation, though larger and institutionally capitalized.
• RPAI (Retail Properties of America): Retail Properties of America was a publicly traded retail REIT focused on open-air shopping centers, comparable to Red Mountain in product type and tenant mix, before merging with Kite Realty. Useful as a direct operating comp for grocery-anchored community centers.
• Brixmor Property Group: Brixmor is a publicly traded retail REIT that owns and operates a national portfolio of open-air shopping centers. It is directly comparable to Red Mountain in product type (grocery-anchored community and power centers), target tenants, and value-add repositioning strategy, though it operates at significantly greater scale and is institutional.
• Phillips Edison & Company: Phillips Edison is a publicly traded net-lease retail REIT focused on grocery-anchored shopping centers. It shares Red Mountain's emphasis on necessity-based retail, dominant trade areas, and value-add acquisitions, serving as a direct operating peer though at greater scale.
• Weitzman: Weitzman is a privately held commercial real estate firm focused on retail properties across Texas and the Southwest, providing brokerage, management, and investment services. It is comparable to Red Mountain in retail-only focus, principal investment activity, and vertically integrated platform.
• SRS Real Estate Partners: SRS Real Estate Partners is a privately held retail-focused commercial real estate firm offering brokerage, investment sales, and capital markets services. It is a direct peer to Red Mountain in retail-only specialization, with a national platform and similar tenant-relations focus.

Others

• Newmark Group: Newmark Group is a global commercial real estate services firm that has brokered multiple Red Mountain transactions (Algonquin Commons sale, La Cienega Triangle acquisition). It is comparable as a transaction-services and capital-markets partner enabling Red Mountain's acquisitions and dispositions.

Broad incumbents

• Kimco Realty: Kimco Realty is one of the largest publicly traded retail REITs in North America, owning a broad portfolio of open-air shopping centers. It is comparable to Red Mountain in product category but operates at vastly greater scale and as a broad incumbent, with permanently lower cost of capital.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@RedMountainGroup/featured
• Facebookfacebook.com/redmountaingroup
• LinkedInlinkedin.com/company/red-mountain-retail-group
• Instagraminstagram.com/redmountaingroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Red Mountain