Newmark Retained to Sell Randhurst Village, a Nearly 1M-SF Chicago Retail Power Center Valued at $100 Million

October 9, 2025 2:00 PM

Newmark announces the Company has been exclusively retained to sell Randhurst Village, a 931,798-square-foot open-air retail power center on a 94-acre site in the northwest Chicago suburb of Mount Prospect, Illinois. Anchored by Costco and Jewel-Osco, the property is expected to trade at roughly $100 million – a valuation that, when realized, would make it one of the Chicago area’s largest retail transactions in recent years – and features a sales-tax incentive program that boosts cash flows.

Newmark Retail Capital Markets Senior Managing Director Keely Polczynski is representing the seller, a joint venture between DLC Management and Rialto Capital.

“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 Polczynski. “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.”

Constructed in the early 2010s, Randhurst Village occupies the site of a former 1960s-vintage enclosed mall that was redeveloped for $200 million. The project included a city of Mount Prospect sales-tax incentive intended to increase revenue from the property. The regional center, now the third busiest in the state, also includes an independently owned 140-room hotel.

With more than 351,000 square feet of new leases and renewals with national tenants executed over the past year, the property is 92% leased (excluding Carson Pirie Scott vacancy) with a weighted average remaining lease term of 7.4 years, further strengthening the asset’s stability and long-term performance. Randhurst Village benefits from a strong tenant mix, with 82% of income derived from national retailers and 75% from investment-grade tenants. Other major tenants include Macy’s, AMC Theatres, HomeGoods, Orangetheory Fitness, PetSmart, Planet Fitness, Skechers and T.J.Maxx.

The property is situated at the highly trafficked intersection of West Rand and North Elmhurst Roads, where 69,000 cars pass daily. The average household income within three miles of the property is $145,000, and 54% of local residents have a college degree.

According to Newmark Research, investment transactions of $100 million and above are playing a key role in the strong start for retail capital markets in 2025. According to MSCI/Real Capital Analytics, 17 such transactions closed in the first half of 2025 alone, more than double the eight recorded during the same period in 2024.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended June 30, 2025, Newmark generated revenues of over $2.9 billion. As of June 30, 2025, Newmark and its business partners together operated from 165 offices with over 8,400 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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