Randhurst Village up for sale, in deal that could fetch $100 million

Randhurst Village shopping center in Mount Prospect is up for sale, in a potential transaction that could fetch up to $100 million, officials said.

Elmsford, New York-based DLC Management, which purchased the 94-acre property for that price in 2015, along with Miami-based Rialto Capital have retained New York City-based broker Newmark to market the site.

“Randhurst Village represents a rare opportunity to acquire a dominant, dual-grocery-anchored power center in one of Chicago’s most desirable suburban trade areas,” said Keely Polczynski, a senior managing director in Newmark’s Chicago office. “The property’s high occupancy and strong credit tenancy — including two retailers who typically own their own stores in Costco and Home Depot — make it one of the most compelling large-scale retail offerings in recent years.”

With the help of a village sales-tax sharing agreement, previous owner Casto in 2012 poured $200 million into the property, transforming what was a vintage 1960s enclosed mall into today’s 931,798-square-foot open air retail center at Rand and Elmhurst Roads.

Randhurst Village is 92% leased, excluding some vacant space remaining from the closure of Carson Pirie Scott in 2018. The weighted average remaining lease term for all tenants on the property is 7.4 years, according to Newmark.

Major tenants include Costco, Home Depot, Jewel-Osco, Macy’s, AMC Theatres, HomeGoods, Orangetheory Fitness, PetSmart, Planet Fitness, Skechers and T.J. Maxx.

The independently-owned, 140-room Hampton Inn & Suites hotel isn’t part of the proposed sale.

Brokers from Newmark believe the retail center could trade at roughly $100 million, citing national statistics showing 17 transactions of that amount or higher in the first half of 2025, compared with eight during the same period in 2024.