Potential suitors seek to buy Randhurst Village
Some potential investors already have been inquiring about buying Randhurst Village in Mount Prospect, which went on the market last week.
The legendary shopping mall, which underwent an extensive $200 million remodeling in 2012 to boost consumer interest, was put on the block by owner J.P. Morgan Chase & Co. Oakbrook Terrace-based Mid-America Real Estate Corp. was hired to shop the property around to potential buyers, said William Cooney, community development director for Mount Prospect.
“We're sorry to see them move on, because they did a great job of revitalizing the project. But they believe the project is now worth much more because of their investment,” Cooney said Thursday.
Cooney declined to name the suitors, but more are likely to take a look at the mall on more than 100 acres of land at Rand and Elmhurst roads. The mall, originally built in 1962, has a net income of about $6.6 million with a projected income of about $9.8 million. The mall is 92 percent leased and features a Carson Pirie Scott, Bed Bath & Beyond, TJ Maxx, Sports Authority and several more retail stores, restaurants and bank branches. The property includes an AMC 12 theater complex and a Hampton Inn.
More changes are coming, including a Carraba's Italian restaurant replacing the razed Border's book store, along with some new restaurants near AMC over the next six months, Cooney said.
Two Mid-America representatives handling the sale did not immediately return calls on Thursday. But Mid-America spokeswoman Emily Dutson said the property went on sale last week and no asking price is provided.
The Mid-America sales brochure for the property touted its updated look and the potential for more retail and multiuse family development.
Cooney said village officials learned of the sale about a month ago and do not view this as a negative situation.
“Having new owners come in is just part of the investment process that all properties undergo,” Cooney said.