DLC Sells Chicago Retail Asset for $95M
The property previously traded for $100 million.
DLC Management has sold Randhurst Village, a 931,798-square-foot retail power center in Mount Prospect, Ill., for $95 million. Rhino Investment Group acquired the Chicago-area asset in a deal brokered by Newmark.
The previous owner implemented a comprehensive business plan to enhance the property’s positioning and value, as well as drive leasing activity. DLC previously acquired the asset in 2015 for about $100 million.
The deal only comprises part of the entire center. The retail asset was subdivided five years ago, with several parcels sold to other owners in separate transactions totaling approximately $30 million, according to the Daily Herald.
READ ALSO: Retail Trends in 2026
The open-air Randhurst Village came online in the early 2010s on the 94-acre site of a 1960s-built enclosed mall. The redevelopment project cost $200 million and included a sales-tax incentive from the city of Mountain Prospect. The property also includes a 140-key hotel, independently owned.
Located at 350 E. Kensington Road at the intersection of Rand Road and Elmhurst Road, the property is less than 12 miles from Chicago O’Hare International Airport and 17 miles from the city’s downtown.
Randhurst Village attracts approximately 8.6 million visitors annually and sits along a corridor with an average daily traffic count of roughly 69,000 vehicles. The center also benefits from strong surrounding demographics, with average household incomes exceeding $129,000 within a five-mile radius, the press release shows.
Over the past year, DLC Management completed more than 351,000 square feet in new commitments and renewals. At the time of the deal, the property was 92 percent leased with a weighted average remaining lease term of more than 7 years.
Randhurst Village was the third busiest in the state as of last October, according to a Newmark press release. The property is anchored by Costco, Jewel-Osco and The Home Depot, with the roster also including TJ Maxx, HomeGoods, AMC Theatres, Skechers, Orangetheory Fitness and PetSmart.
Newmark President Conor Lalor, Senior Managing Director Keely Polczynski and Associate Director Brian Schneiderman represented the seller.
Chicago retail figures pick up
Chicago’s retail investment activity showed some pricing momentum in 2026, supported by stable fundamentals, limited new construction and resilient demand for well-positioned neighborhood centers. Year-to-date as of August, the metro’s average sale price reached $209 per square foot, up from $194 per square foot in 2025, according to a Colliers report. The increase suggests buyers remained active for retail assets with durable traffic drivers.
Other notable retail deals in the metro in the first half of this year include The Hutensky Group’s acquisition of Streets of Woodfield, an asset along the Golden Corridor. Perform Properties sold the property for $66.6 million, Yardi Matrix data shows.
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