Rhino Investment Group Acquires Randhurst Village for $95M in Deal Arranged by Newmark
Rhino Investment Group has acquired Randhurst Village, a 931,798-square-foot open-air retail power center in Mount Prospect, Illinois, for $95 million, Newmark announced Sept. 23. The Henderson, Nevada-based investment firm purchased the property from DLC Management, which had owned the center since 2015.
Newmark President, Head of Retail Capital Markets Conor Lalor and Senior Managing Director Keely Polczynski represented DLC Management in the transaction, with support from Associate Director Brian Schneiderman. The sale equates to approximately $102 per square foot.
Property Overview
Randhurst Village sits on more than 94 acres at the intersection of Rand Road (U.S. Route 12) and Elmhurst Road (Illinois Route 83) in Mount Prospect, placing it at one of the Chicago metropolitan area's busier suburban arterial crossings. The center draws approximately 8.6 million annual visitors and benefits from an average daily traffic count of roughly 69,000 vehicles.
The property is anchored by Costco, Jewel-Osco and The Home Depot, and includes a tenant mix that spans TJ Maxx, HomeGoods, AMC Theatres, Skechers, Orangetheory Fitness, PetSmart, Macy's, Miniso and Chipotle. Average household incomes within a five-mile radius exceed $129,000, supporting the center's positioning as a destination serving Chicago's northwest suburbs.
The center originated as an enclosed mall in the 1960s. A redevelopment completed around 2012, involving approximately $200 million in capital investment, converted it into the current open-air format. DLC Management acquired the property in 2015 for approximately $100 million.
DLC's Value-Creation Strategy
The transaction follows DLC Management's execution of a business plan focused on improving Randhurst Village's tenant mix and leasing profile. More than 351,000 square feet of leasing activity has been executed since 2023, including new leases with Macy's, Skechers and Miniso, as well as renewals with Costco, Jewel-Osco and Chipotle.
"DLC did an exceptional job creating meaningful value at Randhurst Village," said Polczynski. "Through an ambitious leasing strategy and thoughtful merchandising, the team strengthened an already dominant retail destination and positioned the property for long-term success. The result was an institutional-quality offering with exceptional anchors, durable cash flow and compelling future upside that generated strong interest from the investment community."
The property also carries below-market rents across portions of its rent roll and includes multiple separately parceled outlets, features that Newmark said provide investors both stable in-place cash flow and longer-term growth opportunities.
Transaction Closes at Original Contract Price
The deal closed at the original contract price despite market volatility, a detail that points to the durability of the asset's income profile and leasing momentum during a period when retail investors have remained selective.
"Rhino's conviction in Randhurst Village never wavered," Polczynski added. "Despite market volatility, the transaction closed at the original contract price, and we are confident the property will continue to thrive under Rhino's ownership."
Newmark was retained to market the center in October 2025 at an expected valuation of roughly $100 million. The $95 million closing price is close to that initial expectation.
Chicago Retail Market Context
The sale lands in a Chicago retail market characterized by relatively tight availability. Retail vacancy in the Chicago market stood at approximately 4.9% in the second quarter of 2026, with asking rents averaging $22.61 per square foot — up 2.2% year over year. Second-quarter retail sales volume reached approximately $898 million, with an average transaction price of $187 per square foot and an average cap rate of 8.3%.
Randhurst Village's implied price of approximately $102 per square foot falls below that broad-market average, a difference that reflects the center's large anchor footprint — which typically produces lower per-square-foot rents than smaller shop space — as well as its multi-building, open-air configuration with separately parceled components.
The Chicago market also recorded negative net absorption of approximately 201,000 square feet in the second quarter, even as vacancy remained low, underscoring the selectivity buyers have applied to retail assets. Randhurst's anchor renewals with Costco and Jewel-Osco, combined with its high traffic counts and recent leasing activity, help distinguish it from suburban power-center assets facing greater tenant uncertainty.
For Rhino Investment Group, the acquisition provides an established suburban retail platform anchored by high-traffic tenants at a location with strong household-income demographics and multiple avenues for rent growth and asset-management flexibility through the center's separately parceled outlets.