What Mount Prospect would like to see from new Randhurst Village owners
A New York-based real estate firm has purchased Randhurst Village shopping center in Mount Prospect, with plans to expand and further revitalize the center with additional retail, dining and entertainment venues.
DLC Management Corporation announced Friday its acquisition of the 1-million-square-foot shopping center, which had been on put on the market in October by owner J.P. Morgan Chase & Co. Terms of the sale were not made public.
Mount Prospect Mayor Arlene Juracek said she hopes the village can replicate its positive working relationship with the previous ownership.
“Obviously, Randhurst is really important to the village, and we had a close relationship with J.P. Morgan and with Casto, so we have reached out and made sure we know who the local folks are and want to maintain that close contact,” she said.
“We're going to be working very closely with the new owners as well to make sure that it continues to shine as an important part of our northern Mount Prospect economy.”
Juracek said she welcomes plans by DLC to add to what already exists at Randhurst.
“It's good that you have got a buyer who actually wants to put money into it. This was definitely not a fire sale or a distressed property sale. It's a viable, strong business entity that people buy in order to make even more money. That's good for us,” she said.
Although DLC's announcement gave no indication as to how it might grow the center, Juracek said one possibility is residential development.
“(It) would be wonderful to have residences on property that provide another ready customer base,” she said.
There are still some loose ends to tie up from the previous ownership and management group, including street lighting, signage and parking. The village board, Juracek said, is going to vote on vacating some easements that are no longer needed.
“I know people miss the ring road, but Main Street is now the new ring road,” she added.
Juracek said the revenue sharing agreement with the previous owners would be transferred over to DLC Management Corporation. Under the 20-year deal, the village will share some of the sales tax revenue generated by the shopping center, as well as revenue from a 6 percent hotel tax, a 25-cent tax on movie tickets, and food and beverage taxes.
Randhurst will become the largest development in DLC's portfolio, which also includes Wing Park Shopping Center in Elgin, The Oaks of Oak Brook shopping center, and five other Illinois shopping centers. It is also the company's first mixed-use development.
“DLC is thrilled to partner with Randhurst Village, Mount Prospect and its surrounding communities, and all of the retailers to achieve our vision of making Randhurst Village the premier open-air shopping venue in the area,” said Adam Ifshin, president and CEO of DLC. “As we have in our other recent acquisitions, we will be working day and night to turn our business plan into reality for our largest-ever single property acquisition.”
Headquartered in Tarrytown, New York, DLC has regional offices in Chicago, Atlanta, Bethesda, Maryland.
Randhurst first opened in 1962 as an indoor mall anchored by Wieboldt's, Carson Pirie Scott, and the Fair. As indoor malls fell largely out of favor in the 2000s, the site was reborn after a $200 million makeover transformed it into an open-air “lifestyle” center.
Officials say the center is 92 percent leased, with primary tenants including an AMC 12 theater, Carson's, Costco, and The Home Depot, as well as a 140-room Hampton Inn hotel and several restaurants.