Former Dominick's in Carpentersville sold to investment company
After sitting empty for nearly five years, the former Dominick's site in Carpentersville is one step closer to being occupied.
The 65,636-square-foot building at 2411 Randall Road has been purchased by Highland Park-based Northeast Investments, LLC, a national investment company specializing in distressed and vacant real estate, Operations Manager Nareg Korogluyan said.
Though the future use of the site has yet to be determined, Korogluyan said the company has already started marketing the building and speaking with village officials, residents and business owners.
"This is what I call the 'whiteboard phase,' where we listen to the community and understand their wants and needs," he said. "We are highly motivated to get something done here."
Northeast Investments made an offer in March to owner Albertsons when it put the property up for auction.
After the Dominick's store closed at that location in November 2011, Village President Ed Ritter said officials have been hoping for another big-box retail store to take its place.
"For us, that's a major sales tax spot, and this group is interested in putting something there that will put a lot of sales tax into the village coffers," he said. "We've been waiting for so long for something to be done with this property. This is a substantial investment from someone."
With ample visibility at the corner of Randall and Huntley roads, as well as an "incredible frontage," Korogluyan said Northeast Investments intends to develop the property commercially, with retail as a priority.
But with the Algonquin Commons and Woodman's nearby, he said, investors may stretch beyond traditional big-box retailers and search for other potential uses. Dividing the property into multiple tenants is also an option.
"At this point, that's all something we're looking into," Korogluyan said. "You just have to make sure what you're doing aligns with the community and what they want."
With a 20-acre lot for sale just north of the former Dominick's building, Ritter said the site also has potential for expansion.
"Repurposing buildings is challenging, but we can really do something with this property," Korogluyan said. "It's just going to require some creativity to figure it out."