Michael Mugel, CEO of Red Mountain Retail Group, says that the developers are confident that they will have our capital in place prior to breaking ground at year-end. El Portal will offer what the developers describe as a unique, high-tech, state-of-the-art lifestyle shopping experience.

El Portal will be built on a site near the intersection of Atlantic Avenue and Firestone Boulevard that allows for high visibility and close proximity to the dynamic Hispanic retail market that includes a population of more than one million within a five-mile radius with average incomes in excess of $50,000, the developers note. Timothy Hawthorne, co-founder and managing director of Buchanan Street Partners, says that the firm believes that the El Portal center will become the premier shopping destination and entertainment experience for the Hispanic community in Southern California.

Red Mountain Retail Group, founded by Mugel in 1991, has grown its portfolio to 80 centers across seven states with a total of 5.5 million sf valued at more than $1 billion. Allied Retail Partners LLC is a privately held real estate company that specializes in the acquisition and development of shopping centers and mixed-use projects throughout California. The Los Angeles-based firm has more than one million sf of retail and residential projects under development throughout Southern California with a combined value in excess of $500 million.