Newmark has arranged the $95 million sale of Randhurst Village, a 931,798-square-foot open-air retail center in Mount Prospect, Illinois. The large-scale shopping destination was marketed as a market-dominant property in the suburban Chicago area retail landscape.
The transaction follows DLC’s 2016 acquisition of Randhurst Village. Since that acquisition, DLC carried out a comprehensive leasing and redevelopment strategy that reimagined the center and reinforced its position as a leading retail destination in its trade area. The execution of this program was described as having strengthened the property’s market-dominant status.
Randhurst Village is anchored by Costco, Jewel-Osco, and The Home Depot. In addition to these anchors, the center features a line-up of national retailers that includes TJ Maxx, HomeGoods, AMC Theaters, Planet Fitness, Old Navy, Michaels, DSW, and PetSmart. This combination of anchors and national brands positions the center as a significant regional retail hub.
Newmark’s investment sales team advised DLC on the disposition. President and Head of Retail Capital Markets Conor Lalor and Senior Managing Director Keely Polczynski led the assignment, representing the seller, with Associate Director Brian Schneiderman providing additional support on the transaction.
The buyer of Randhurst Village is Rhino Investment Group. The parties completed the sale in an environment characterized as volatile, yet the deal was finalized at the original contract price. Newmark’s Polczynski noted that DLC had created meaningful value at Randhurst Village and expressed confidence that the property would continue to perform under Rhino Investment Group’s ownership.
The sale of Randhurst Village marks a significant open-air retail transaction for the Mount Prospect market, highlighting ongoing investor interest in large, market-dominant shopping centers with a broad mix of national anchors and tenants.
