Red Mountain Group Inc. acquires Algonquin Commons
Santa Ana, CA - May 7th, 2021 - After eight long years of being in receivership, Red Mountain Group, Inc. is very excited to announce the acquisition of Algonquin Commons, a 600,000-square-foot premier power/lifestyle center on 70 acres serving Chicago's northwestern region. The shopping center is located on the southwest corner of Randall Road and County Line Road at 1504-2298 South Randall Road, Algonquin, Illinois.
Built in 2004, the center provides visitors a unique shopping and dining experience with a varied tenant mix that includes national fashion chains, local independent shops, national big-box retailers, and various restaurants. The major tenants include Trader Joe's, Ulta Beauty, Nordstrom Rack, Ross, Dick's Sporting Goods, DSW, Old Navy, Tilly's, PacSun, Express, Pottery Barn, Bath & Body Works, Aveda, Victoria's Secret, Pandora, Ann Taylor Loft, Carter's, and Lane Bryant. National food tenants include On the Border, Bonefish Grill and Biaggi's.
Red Mountain Group will invest nearly $30 million for the re-development, renovation, and re-tenanting/re-merchandising of the 75% occupied shopping center. As part of the Algonquin Commons revitalization vision, Red Mountain Group plans to develop a vibrant indoor/ outdoor covered entertainment area comprising more than an acre of open space. This striking gathering area will become the focal point for community social events, televised sporting events, outdoor movie nights, al fresco dining, shopping center promotions and holiday functions.
"I have never seen an asset of this high quality, this well located, with this strong of a tenant mix, with this amount of opportunity in my 30-year career. We are so very excited to be participating with the Algonquin community to bring an experience that very few communities will ever get the chance to enjoy." - Michael H. Mugel, CEO, Red Mountain Group, Inc.
While in escrow, Red Mountain Group executed a new lease with Ashley Furniture, and are working with two other large format national retailers to add to the existing tenant mix.
For an opportunity to become a part of this unique and re-energized shopping center, please contact Kristin Ambrose at 714-460-1564 or Brenda Benter at 714-460-1500. For additional property information, please visit the Red Mountain Group website at www.redmountaingroupinc.com.
The Red Mountain Group portfolio encompasses 95 shopping centers with more than 4 million square feet of commercial retail development located in 18 states with a current value of over $1 billion dollars. Red Mountain Group was founded in 1999 by Michael H. Mugel. The company is headquartered in Santa Ana, California, with an additional office in Phoenix, Arizona.
Red Mountain Group can be found online at www.redmountaingroupinc.com, as well as on LinkedIn, Facebook, and Twitter.