Randhurst sold? There's a contract, but deal not closed
Randhurst Village in Mount Prospect is under contract with a new buyer, but the deal hasn't closed yet, said Emily Dutson, a spokeswoman for Oak Brook-based Mid-America Real Estate Group.
Mid-America was enlisted last October to seek potential buyers for the mall on behalf of J.P. Morgan Chase & Co., which advises the investor group that owns the mall.
"The center is under contract and the sale has not closed yet. Therefore we can't comment," Dutson said.
A spokeswoman for J.P. Morgan also declined to comment.
During the past month, several development companies have expressed interest in Randhurst, but a sale hasn't been finalized yet, said William Cooney, community development director for Mount Prospect.
While Cooney declined to name potential buyers, he said one company had included RED Development, which has offices in Phoenix, Arizona, and Overland Park, Kansas. RED Development has 27 properties nationwide, according to its website.
"We don't have any news to share regarding a project in the Chicago area," RED spokeswoman Stephanie Whitlow said.
About two weeks ago, the Daily Herald reported that Cooney said the sale of Randhurst Village was "imminent."
But such a sale would require modification of the development agreement between the village and Casto Lifestyle Properties, the firm that ushered in the shopping center's $200 million makeover.
Under the original 20-year deal, the village agreed to share with the developer some of the sales tax revenue generated by the shopping center. Casto also was to receive revenue from a 6 percent hotel tax, a 25-cent tax on movie tickets, and food and beverage taxes.
Cooney had declined to name the other suitors, but said the interest focused on the mall's more than 100 acres of land at Rand and Elmhurst roads.
The mall was originally built in 1962. It had a net income of about $6.6 million with a projected income of about $9.8 million, as of last fall.
The mall had been more than 90 percent leased and features a Carson Pirie Scott, and several more retail stores, restaurants and bank branches.