Newmark Retained to Sell Randhurst Village Mall
Newmark has been exclusively retained to sell Randhurst Village, a 931,798-square-foot open-air retail power center in Mount Prospect, Illinois.
Anchored by Costco and Jewel-Osco, the property is expected to trade at roughly $100 million, making it one of the Chicago area's largest retail transactions in recent years.
The property features a sales-tax incentive program that boosts cash flows and was constructed in the early 2010s on the site of a former 1960s-vintage enclosed mall, redeveloped for $200 million.
Newmark Retail Capital Markets Senior Managing Director Keely Polczynski is representing the seller, a joint venture between DLC Management and Rialto Capital.
The project included a city of Mount Prospect sales-tax incentive intended to increase revenue from the property.
Author's summary: Newmark to sell Randhurst Village mall.