At a glance
- Conor Lalor, Newmark’s president and head of retail capital markets, ran the assignment with senior managing director Keely Polczynski and associate director Brian Schneiderman.
- At $95 million against the gross area, the deal pencils out to roughly $102 a square foot, but the tenant roster carries more of the argument.
- DLC bought Randhurst in 2016 and, on Newmark’s account, spent roughly a decade on a leasing and redevelopment program that reimagined the property and strengthened its position in the market.
Newmark arranged the $95 million sale of Randhurst Village, a 931,798-square-foot open-air retail center in Mount Prospect, Illinois, from DLC to Rhino Investment Group, Connect CRE reported. Conor Lalor, Newmark’s president and head of retail capital markets, ran the assignment with senior managing director Keely Polczynski and associate director Brian Schneiderman.
At $95 million against the gross area, the deal pencils out to roughly $102 a square foot, but the tenant roster carries more of the argument. Costco, Jewel-Osco and The Home Depot anchor the center, with TJ Maxx, HomeGoods, AMC Theaters, Planet Fitness, Old Navy, Michaels, DSW and PetSmart filling the inline space. A membership club, a grocery store and a home-improvement box each pull a different trip into the same parking field, and that value-and-necessity mix has kept drawing capital while apparel-led formats work through their own troubles.
DLC bought Randhurst in 2016 and, on Newmark’s account, spent roughly a decade on a leasing and redevelopment program that reimagined the property and strengthened its position in the market. The sale is the exit from that program. "DLC did an exceptional job creating meaningful value at Randhurst Village," Polczynski said in the announcement, adding that despite market volatility the deal closed at the original contract price and that she expects the center to keep performing under Rhino’s ownership.
The original contract price held through closing. A contract that survives from signing to closing without the buyer repricing it is a statement about conviction in the asset, and in a year when sellers have had to work harder to hold agreed numbers, an anchored suburban Chicago center clearing at its original figure locates the bid for grocery-and-club anchored product. The release gives no purchase price history for DLC’s 2016 entry, so the size of the value created stays unquantified.
In September, PWD described retail’s institutional bid returning through joint ventures, when an ECHO Realty and TPG vehicle bought its first center outside Philadelphia. Randhurst is a single-asset trade to a buyer the announcement identifies only as Rhino Investment Group, with no further detail on its capital or its plans for the property; whether that buyer is a one-off private purchaser or the front edge of another repeat program is not something the release addresses.
The sale establishes a fresh basis for 931,798 square feet in Mount Prospect and for DLC’s decade-long repositioning. The next read on the center comes when Rhino’s intentions for the rent roll, or for the asset itself, surface.
Reported by the Deals desk from Connect CRE. Published . Corrections