Pacific Southwest Realty Services acted as the exclusive correspondent to John Hancock in structuring and implementing the financing. Red Mountain Retail Group’s legal representation was provided by Elkins Kalt Weintraub Reuben & Gartside LLP and for John Hancock by Allen Matkins Leck Gamble Mallory & Natsis LLP.

Bristol & Segerstrom Center

Commenting on the transaction in an announcement, Michelle Bell, CFO of Red Mountain, noted that the company has a longstanding relationship with John Hancock that goes back over a decade. She cited Scott Clark and his team from Pacific Southwest Realty Services as “absolutely critical to this process.”

Michael Mugel, CEO of Red Mountain said in the announcement: “The financial markets have been dominated by irrational banks and weak financial institutions for the past few years, so it is very exciting to be a part of a closing with a team of seasoned, rational business professionals.” He added that Farmers & Merchants Bank has “been instrumental in the growth and profitability of Red Mountain Retail Group over the past 15 years, which has allowed this permanent financing to occur.”

During the past 18 months, Red Mountain has been aggressively acquiring properties, including: an 86,000-square-foot distressed shopping center in Phoenix that was 80% occupied; a 90,000-square-foot, 60% occupied shopping center in South Dallas; a 40,000-square-foot, 10% occupied shopping center in Mesa, AZ; a single-tenant retail property in Los Angeles; a build-to-suit pad for Raising Canes Chicken in Phoenix and a freestanding, bank-owned, 6,000-square-foot pad in Tucson, AZ.