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11/03/23
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A vacant, 15.2k sf building in Fontana sold for $2.7 mil ($178/sf). The structure, which sits on a 30k sf lot at 17093 Valley Blvd, is a former Big Lots store.
This Fontana property was sold by Red Mountain Group, which purchased the building earlier this year from Big Lots Inc as part of a larger portfolio of 20 empty retail big box stores. Since that purchase, 13 of the empty stores have been leased or are in lease negotiations, with eight of the leases being executed prior to close of escrow.
Within this portfolio, Red Mountain Group has signed leases with two Grocery Outlet Stores three Savers stores; two Red, White, & Thrift stores; one Ross Dress for Less; one Planet Fitness; one Ace Hardware (Westlake); and one Dollar Tree store with more credit tenant signings expected soon.
The buyer of the Fontana building was Mirlan LP. Red Mountain Group was repped by Lea Clay Park of Axiom Real Estate in the sale transaction.
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