Newmark arranged the $95 million sale of Randhurst Village, a 931,798-square-foot open-air retail power center in Mount Prospect, Illinois.
Newmark President, Head of Retail Capital Markets Conor Lalor and Senior Managing Director Keely Polczynski represented seller DLC in the transaction, with support from Associate Director Brian Schneiderman. The buyer was Rhino Investment Group.
The transaction follows DLC’s successful execution of a comprehensive business plan to enhance the asset’s positioning and value, driving significant leasing activity and strengthening the property’s tenant mix.
Situated on more than 94 acres at the intersection of Rand Road (U.S. 12) and Elmhurst Road (Illinois 83), Randhurst Village is one of the Chicago metropolitan area’s premier retail destinations. The center is anchored by Costco, Jewel-Osco and The Home Depot, alongside a complementary mix of national retailers including TJ Maxx, HomeGoods, AMC Theatres, Skechers, Orangetheory Fitness and PetSmart.
Originally redeveloped from the former Randhurst Mall, the property has evolved into a dominant mixed-use retail destination serving Chicago’s affluent northwest suburbs. The center attracts approximately 8.6 million annual visitors, benefits from an average daily traffic count of approximately 69,000 vehicles, and draws shoppers from across the broader region.
With more than 351,000 square feet of leasing activity executed since 2023, major new leases include Macy’s, Skechers and Miniso, as well as significant renewals with Costco, Jewel-Osco and Chipotle. Combined with below-market rents across portions of the rent roll and multiple separately parceled outlets, the center offers investors both stable in-place cash flow and long-term growth opportunities.
Randhurst Village also benefits from exceptional demographic fundamentals, including average household incomes exceeding $129,000 within a five-mile radius, while its diversified tenant mix positions the asset to perform across a range of economic environments.
