Premier Retail Center in Northwest Chicago Suburbs – Algonquin Commons – Hits the Market

October 29, 2024 9:00 AM

Newmark[1] announces the firm has been awarded the the exclusive listing of Algonquin Commons, a dual grocer-anchored regional shopping center located at 1900 S. Randall Road in Algonquin, Illinois. Owned by Red Mountain Group, the property is one of the largest retail centers in McHenry and Kane Counties and represents a rare opportunity to acquire a premier fully leased retail asset within the Randall Road retail corridor.

Newmark Vice Chairman Melissa Copley and Senior Managing Director James Schutter in cooperation with President, Head of Retail Capital Markets at Newmark Conor Lalor, Vice Chairman Bill Bauman and Executive Managing Director Kyle Miller are the exclusive listing agents on behalf of Red Mountain Group.

Algonquin Commons is comprised of 542,117 square feet with a diverse mix of tenants, including Trader Joe’s and Fresh Market, which anchor each side of the center. The property also features Nordstrom Rack, Ross Dress for Less, DSW, Old Navy, J. Crew, Ulta, Lane Bryant, Hollister, American Eagle Outfitters, Victoria’s Secret and Express. Other anchor tenants include Dick’s Sporting Goods, Barnes & Noble and Bob’s Discount Furniture.

“This trophy retail property offers its future landlord an automatic hedge from future economic disruptions as it is comprised of a power center, lifestyle center and a neighborhood center,” said Michael Mugel, CEO of Red Mountain Group.

The Randall Road retail corridor is home to over three million square feet of retail, providing excellent synergy for Algonquin Commons. The center is supported by a vibrant and affluent residential base of approximately 391,000 residents, with average household incomes exceeding $126,000 per year. The property has gone through an extensive redevelopment that included the addition of Fresh Market as well as other complementary tenants, parking lot refinishing and the installation of three new pylon signs, ranging from 25 to 30 feet, enhancing visibility and access for shoppers.

“We are thrilled to be representing Red Mountain Group in the sale of Algonquin Commons,” said Bauman. “This is the premier retail destination in a thriving corridor, and we believe the quality of the tenant mix including two top-tier grocers coupled with the recent improvements, make it an attractive opportunity for investors. Algonquin Commons is well-positioned to thrive in the coming years, thanks to its strategic location and robust community support.”

[1] Dba Newmark Knight Frank in California

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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 year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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