Nevada firm buys Mount Prospect’s Randhurst Village in $75.5 million deal
Mount Prospect officials confirmed Wednesday that Randhurst Village shopping center has been sold to a Nevada group that last year acquired the Promenade in Bolingbrook.
Community Development Director Jason Shallcross said Rhino Investments Group, based in Henderson, Nevada, acquired the core of the mall from DLC Management Group for $75.5 million. Shallcross said Rhino’s joint venture partner is M&J Wilkow of Chicago.
The purchase represents about three-quarters of the 94-acre site, including the Macy’s building, the AMC theater, Home Depot, Planet Fitness, the vacant former Outback Steakhouse building and the former Steak ‘n Shake that’s being remodeled for 7 Brew Coffee, Shallcross said.
DLC previously sold several outlots for about $30 million, after the village approved the subdivision of the center in 2021, he added. Those properties included the Chipotle, PNC Bank, Bank of America, Mod Pizza, Panera, Kiddie Academy and Buffalo Wild Wings.
Although the center is about 90% leased, Shallcross said there are plenty of opportunities available at Randhurst. The center continues to add businesses, including the recent addition of Skechers.
“Obviously, the Outback parcel is front and center as a development opportunity,” he said. “There is plenty of meat left on the bone.”
Mount Prospect Mayor Paul Hoefert said he is excited about the change in ownership and the possibility of a new way of looking at Randhurst, which opened as an enclosed mall in 1962 and converted to an open-air lifestyle center in 2011.
Hoefert said he would like to see residential properties on the site and more entertainment venues to attract people beyond typical retail shoppers.
He noted that the basement and upper levels of the former Carson Pirie Scott space remain vacant, with HomeGoods and Macy’s on the main level.
“I’m sure they didn’t buy it to leave it the way that it is,” he said of Rhino. “It should be another renaissance for Randhurst Village, which is really a gem for us because it generates a lot of taxes for the village.”
According to its website, Rhino is a privately-held, diversified real estate acquisition and development firm whose focus includes redeveloping underutilized, distressed or environmentally challenged properties.
The company owns more than 40 properties holding more than 6 million square feet under roof, including The Promenade Bolingbrook, North Aurora Towne Center and State Street Market in Rockford.
szalusky@dailyherald.com