$95M Randhurst Village Sale Bolsters Suburban Chicago Retail Momentum
A $95 million sale of Randhurst Village shopping center in Mount Prospect has boosted investment momentum in Chicago's suburbs. The property, anchored by Costco, Jewel-Osco, and Home Depot, was sold by Elmsford, New York-based DLC to Henderson, Nevada-based Rhino Investment Group.
DLC bought the 1.2 million-square-foot Randhurst Village in 2015 for $100 million and has since repositioned the property with new leases. The company split up a former Carson Pirie Scott retail space into two smaller storefronts occupied by Macy's and HomeGoods, replacing a weak concept.
The sale marks the third mega retail deal in recent weeks, following a Skokie shopping center that sold for $122 million to Fairbourne Properties in August and Boston-based AEW's pending purchase of Deer Park Town Center for $125 million. Investment is also pouring into other sectors, with nearly $400 million in senior living deals closing in Chicagoland this month.