Mount Prospect’s Randhurst Village sells to Nevada investor in $95 million deal

Randhurst Village, the 94-acre shopping center at Rand and Elmhurst roads in Mount Prospect, has a new owner. Rhino Investments Group of Henderson, Nevada, with Chicago partner M&J Wilkow, bought roughly three-quarters of the property from DLC Management in a deal reported September 23, 2026, by the Daily Herald. The sale was announced by the seller’s broker, Newmark, at $95 million.

The purchase covers the biggest pieces of the center, including the Macy’s building, the AMC movie theater, the Home Depot, a fitness club and two vacant restaurant buildings. Village officials told the Daily Herald they expect the new owners to push for more development on the site, and Mayor Paul Hoefert put it plainly: “It should be another renaissance for Randhurst Village.”

Key facts at a glance

Here is what the reported sale covers, based on the Daily Herald and the broker’s announcement.

• The buyer is Rhino Investments Group, a Nevada firm, in a joint venture with M&J Wilkow of Chicago.
• The seller is DLC Management, which had owned Randhurst for about a decade.
• The price reported by Newmark and the Daily Herald is $95 million.
• The deal includes about three-quarters of the 94-acre site and 931,798 square feet of retail space.
• Separately owned outlots and parcels, and the hotel on the property, were not part of the sale.

What changed hands and what did not

The center that sold is not the whole Randhurst footprint. Over the years, individual parcels and outlots along the edges of the property were sold off to other owners; a summary of the sale from Commercial Property Executive puts those earlier side sales at roughly $30 million. What Rhino and M&J Wilkow now own is the core of the center, the part DLC still controlled.

According to the Daily Herald, that core includes the https://windycitymagazine.com/business/macys-randhurst-village/ store, the https://windycitymagazine.com/business/amc-randhurst-12/ theater, https://windycitymagazine.com/business/the-home-depot-randhurst/, a fitness club, the empty former Outback Steakhouse building and the former Steak ‘n Shake, which is being remodeled for a 7 Brew drive-through coffee stand. The https://windycitymagazine.com/business/randhurst-village/ website lists 7 Brew as coming soon.

Newmark’s announcement, as carried by REBusinessOnline, describes the center as 92 percent leased with a weighted average remaining lease term of more than seven years. Conor Lalor, Keely Polczynski and Brian Schneiderman of Newmark represented DLC. The same announcement says the buyer’s plan is a value-add one: lease the empty spaces and sell off more outparcels.

How the deal was financed

The purchase was leveraged. Per the REBusinessOnline report, the financing breaks down this way.

• Aquarian Real Estate Partners provided a $45.6 million senior loan.
• 3650 Capital provided a $26.7 million mezzanine loan.
• The two loans total $72.3 million, with additional future funding set aside for improvements to the property.
• Anthony Longo of Alpha Capital CRE advised the buyer on the debt.

A note on the price

Not every outlet reported the same number. The Daily Herald’s headline and Newmark’s announcement both say $95 million, but the Journal & Topics reported the purchase at $75.5 million, and the Daily Herald’s own web address for its story carries the $75.5 million figure. The gap most likely reflects the difference between the recorded transfer price and the total consideration the broker announced, but neither paper spelled that out. The village’s own news release on the sale, posted on the Mount Prospect website, was not reachable when this story was written.

Whatever the final figure, the new owners paid less than DLC did. Commercial Property Executive reports that DLC acquired Randhurst for about $100 million in 2015; the Daily Herald dates that purchase to 2016.

Sixty-four years of Randhurst

Randhurst opened in 1962 as an enclosed mall, one of the first of its kind in the Chicago suburbs, according to the Daily Herald. The building lasted into the late 2000s, when the previous owner tore down most of the mall and rebuilt the property as an open-air center with a hotel and movie theater. Commercial Property Executive puts the cost of that conversion at about $200 million.

DLC’s decade of ownership was mostly about filling the boxes the redevelopment left behind. The most visible move was splitting the former Carson Pirie Scott department store, which went dark when the chain collapsed in 2018, into a Macy’s and smaller tenants. Village community development director Jason Shallcross told the Daily Herald that the remaining vacant Carson’s space and the Outback parcel are the most obvious spots for something new.

What the village wants next

Mount Prospect officials are not in charge of what gets built, but they will review any plans that need zoning approval, and they have said what they would like to see. The Daily Herald reports the following.

1. The mayor and village staff expect the buyers to pursue changes rather than hold the property as is.
2. Residential units and entertainment uses are the two categories village officials mentioned as possibilities for the vacant spaces.
3. Village Manager Michael Cassady said the village looks forward to working with the ownership team on those possibilities.
4. Any specific proposal would come back to the village through its normal development review.

In a statement summarized by Hoodline, the village said it anticipates beginning discussions with the new ownership group about Randhurst’s long-term vision and continued reinvestment. No meeting dates or proposals have been announced.

Visiting Randhurst Village

For shoppers, nothing changes right away. Stores keep their hours, and the center’s address is 1 Randhurst Village Drive, Mount Prospect, at the southeast corner of Rand Road (U.S. 12) and Elmhurst Road (Route 83). Surface parking surrounds the stores and is free. Pace bus routes serve the Rand Road corridor, and the Mount Prospect Metra station on the Union Pacific Northwest line is about two miles south in downtown Mount Prospect.

The Home Depot at Randhurst, at 350 E. Kensington Road, is open 6 a.m. to 10 p.m. Monday through Saturday and 7 a.m. to 8 p.m. Sunday, per the store’s page; the phone is (847) 342-1800. Macy’s, at 1023 Center Drive, is open 10 a.m. to 8 p.m. Monday through Thursday, 10 a.m. to 9 p.m. Friday and Saturday, and 11 a.m. to 7 p.m. Sunday, and can be reached at (847) 660-2112, according to the store’s page.

Have a tip about this story or another one we should cover? Send it to the editors.