Newmark has been exclusively retained to sell Randhurst Village, a 931,798-square-foot open-air retail power center on a 94-acre site in the northwest Chicago suburb of Mount Prospect, Illinois.
Anchored by Costco and Jewel-Osco, the property is expected to trade at roughly $100 million – a valuation that, when realized, would make it one of the Chicago area’s largest retail transactions in recent years – and features a sales-tax incentive program that boosts cash flows. Newmark Retail Capital Markets Senior Managing Director Keely Polczynski is representing the seller, a joint venture between DLC Management and Rialto Capital.
Constructed in the early 2010s, Randhurst Village occupies the site of a former 1960s-vintage enclosed mall that was redeveloped for $200 million. The regional center, now the third busiest in the state, also includes an independently owned 140-room hotel. The property is situated at the highly trafficked intersection of West Rand and North Elmhurst Roads, where 69,000 cars pass daily.
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