Randhurst Village, the sprawling open-air shopping center in Mount Prospect anchored by Costco, Jewel-Osco and The Home Depot, has sold for $95 million to Nevada-based Rhino Investments Group in partnership with Chicago-based M&J Wilkow. The sale follows a decade of leasing and redevelopment work at the 94-acre site; DLC Management paid $100 million for the 931,798-square-foot property in 2015.
A Decade-Long Turnaround Pays Off
The $95 million transaction covers the core of Randhurst Village, representing roughly three-quarters of its footprint, according to the Village of Mount Prospect. The acquisition includes major portions of the center housing Macy's, The Home Depot, AMC Theatres and Planet Fitness. Several outlots and individual parcels were sold separately in transactions totaling approximately $30 million, and the village notes that the Hampton Inn & Suites was excluded from the sale entirely.
DLC, based in Elmsford, New York, bought Randhurst for $100 million in 2015 and led a turnaround effort that transformed the property, according to seed reporting from The Real Deal. The firm split a former 200,000-square-foot Carson Pirie Scott space into two storefronts now occupied by Macy's and HomeGoods, and it carved up a former Bed, Bath & Beyond box to make room for Skechers and Nike. DLC also worked with NWS Architects and Renovo Construction on aesthetic upgrades throughout the center, per the same report.
Leasing Momentum Ahead of the Sale
More than 351,000 square feet of leasing activity has been executed at Randhurst Village since 2023, according to Newmark, the brokerage that arranged the sale. Newmark's press release lists Macy's, Skechers and Miniso among the major new leases, while Costco, Jewel-Osco and Chipotle have renewed. Skechers recently opened at the center, and Nike is expected to join the tenant lineup, though it's unclear whether that opening has occurred yet.
Conor Lalor and Senior Managing Director Keely Polczynski, both of Newmark, represented DLC in the sale. The center draws approximately 8.6 million visitors annually and sees average daily traffic of roughly 69,000 vehicles, Newmark reports. Mount Prospect's announcement cites more than 90% occupancy.
Part of a Broader Suburban Retail Rush
Randhurst originally opened as the enclosed Randhurst Center in 1962 before being redeveloped into an open-air shopping, dining and entertainment destination beginning in the late 2000s, per Mount Prospect's account. Its sale lands amid what Bisnow describes as a broader surge in Chicago-area retail investment: transaction velocity across the metro rose about 30% in the year ending in June, according to Bisnow, even as average price per square foot held around the mid-$330s and cap rates stayed in the upper-7% range.
That momentum shows up elsewhere in the suburbs. Fairbourne Properties bought Skokie's 722,000-square-foot Village Crossing shopping center from Nuveen for $122 million in a deal that closed Aug. 28, a sale Bisnow reports was the highest-priced Chicago-area retail deal since the retail portion of the Loop's Sullivan Center sold for $147 million in 2016. Other recent suburban trades include Core Acquisitions' $44 million purchase of Deerfield's Jewel Osco-anchored Deerbrook Shopping Center and Barings' $54 million deal for a Jewel Osco-anchored center in Naperville, according to The Real Deal.
Retail leasing across the Chicago metro area was down 17% year over year in the last reported quarter, per the same Real Deal report on suburban retail investment. For now, Mount Prospect officials say they anticipate beginning discussions with the new ownership group about Randhurst's long-term vision and continued reinvestment, according to the village's announcement.
