Algonquin Commons up for sale after seeing revival in recent years

The Algonquin Commons shopping center is up for sale after a real estate agency that purchased the property three years ago brought the area back to life with dozens of new stores and restaurants.

The shopping center at 1900 S. Randall Road was purchased by Red Mountain Group in 2021 when it was about 75% occupied, the Northwest Herald previously reported.

Since then, the group revamped the mall to 95% occupancy by bringing in dozens of new retailers, including Bob’s Discount Furniture, Te’Amo Boba Bar, Pvolve Fitness and Chicago Ramen. More retailers are expected to open soon, such as Twin Peaks sports bar, a Mr. Kimchi Korean barbecue restaurant and The Fresh Market grocery store.

Now, California-based Red Mountain Group has put the 63-acre Algonquin Commons up for sale through commercial real estate company Newmark, Algonquin Community Development Director Patrick Knapp said.

“Red Mountain Group has been an excellent owner for the past three and a half years and has brought the Algonquin Commons back to vibrancy with excellent tenants, remodeled tenant spaces and updated exterior facades,” Knapp said. “The village looks forward to working with the new owners to continue to keep the Algonquin Commons as the No. 1 shopping destination in the northwest suburbs.”

Algonquin Commons was bank-owned for about a decade after it was foreclosed on in 2013 as part of a $110 million lawsuit. When Red Mountain Group purchased the complex, the investment firm announced plans to invest $90 million into the site by creating amenities such as a playground, green space to host events and a two-story event venue called “The Link.”

The village board approved the plans last year, and they expired in the summer, Knapp said.

A buyer could proceed with those plans before the approval expiration date, but that is unlikely given the short turnaround time frame, he said.

Although the firm didn’t start on the plans, the entire parking lot was repaved, and three new signs on Randall Road were brought in, according to a Newmark document.

Red Mountain Group could not be reached for comment.