Viking Partners Buys Chicagoland Retail Asset for $31M
The property previously traded more than 20 years ago.
Randall Square previously traded in 1999. Image courtesy of Mid-America Real Estate Corp.
Viking Partners has purchased the 226,029-square-foot Randall Square shopping mall in Geneva, Ill., for $31.1 million, according to Kane County records. The Huntington National Bank helped finance the acquisition with a line of credit totaling $65 million, of which $21.8 million were used for the purchase.
Mid-America Real Estate Corp.’s Investment Sales Group brokered the transaction on behalf of the seller, DRA Advisors. The firm had acquired the asset in 1999 for $24.2 million, according to CommercialEdge data.
Marshalls, Michaels, Ulta Beauty, Old Navy, PetSmart and Ross Dress for Less are some of the retail center’s anchor tenants. The roster features a mix of national and local retailers including Men’s Wearhouse and Rally House, among others.
Located at 1560 S. Randall Road, the property is half a mile west of the Eagle Brook Country Club and 1 mile east of Peck Farm Park, in a dense retail corridor totaling more than 2 million square feet of space. More than 113,000 people live within a 5-mile radius.
Principals Joe Girardi, Rick Drogosz and Ben Wineman of Mid-America Real Estate Corp. were the brokers which represented DRA Advisors in the transaction. The firm recently sold another retail property, a 119,446-square-foot grocery-anchored shopping center in Wilmington, Del.
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