DLC sells million-square-foot center in Chicagoland
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 Mall, the property has evolved into a mixed-use retail destination. It attracts more than 8 million annual visitors and has average daily traffic counts of nearly 70,000 vehicles.
Average household incomes within a five-mile radius of the center exceed $129,000.
DLC transacted more than 350,000 square feet of leasing activity since 2023. Macy’s, Skechers and Minoso became new tenants during that period. Significant renewals obtained in that time frame included Costco, Jewel-Osco and Chipotle.
“Rhino’s conviction in Randhurst Village never wavered,” said Polczynski. “Despite market volatility, the transaction closed at the original contract price, and we are confident they will continue to thrive under Rhino’s ownership.”
In April, DLC acquired a $2.3 billion capital commitment from Temerity Strategic Partnerss to accelerate its acquisition activities.