Red Mountain Group, Inc. has completed the sale of Algonquin Commons, a 548,000-square-foot shopping center in Algonquin, Illinois. Nuveen Real Estate purchased the center for $100 million.
Red Mountain Group was represented exclusively by Bill Bauman, Keely Polczynski, Kyle Miller and Conor Lalor of Newmark. Strategically located along Randall Road, one of Chicago’s most prominent suburban retail corridors, Algonquin Commons features a tenant lineup including Trader Joe’s, The Fresh Market, Nordstrom Rack, Bob’s Furniture, Ulta Beauty, Old Navy, Dick’s Sporting Goods, and Barnes & Noble.
Since acquiring Algonquin Commons, Red Mountain Group has focused on repositioning and re-stabilizing the center. “Through extremely creative deal-making strategies, relentless tenacity, and lots of hard work, our leasing team was able to attract the strongest mix of tenants, elevate the communal shopping experience, and position the property for long-term success for the Village of Algonquin,” said Michael Mugel, CEO and Owner of Red Mountain Group.
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