Over the last three years, developer DLC Management Corp. has invested billions of dollars in property acquisitions, widening its outdoor center portfolio on a nationwide basis. This week the company divested one of those premier properties.
Newmark this week announced the sale of DLC's Randhurst Village, a 930,000-sq.-ft. open-air center in Mount Prospect, Ill., six miles north of O'Hare Airport for the price of $95 million. The buyer was Rhino Investment Group.
Situated on 94 acres at the intersection of U.S. 12 and Illinois Route 83, Randhurst Village is anchored by Costco, Jewel-Osco and Home Depot, alongside a mix of national tenants that include TJ Maxx, HomeGoods, AMC Theatres, Skechers and Orangetheory Fitness.
"DLC did an exceptional job creating meaningful value at Randhurst Village. Their team strengthened an already dominant retail destination an positioned the property for long term success," said Newmark senior managing director Keely Polczynski. "The result was an institutional-quality offering with exceptional anchors, durable cash flow and compelling future upside that generated strong interests from the investment community."
Originally known as the Randhurst ...