Opened in 2004 by Cincinnati-based Jeffrey R. Anderson Real Estate, the Randall Road lifestyle center is 99% occupied. Borders, Circuit City, Dick's Sporting Goods, Office Max, Old Navy, Trader Joe's and Wickes Furniture are among the larger of the 82 tenants. The tenant roster also includes Ann Taylor, Pottery Barn, Sharper Image and Williams Sonoma.
Average household income within a mile of the corner of Randall and County Line roads is $127,355, according to Mid-America Group, which handles leasing for two neighboring centers, Randall Crossings and Woodscreek Commons. Going out five miles, an area that is home to nearly 150,000, average household income remains in six figures, according to Mid-America Group's figures.
Jeffrey R. Anderson Real Estate owns one other lifestyle center in the Fox Valley, Geneva Commons, which opened in 2002.
Algonquin Commons is not the only suburban retail center to change hands in recent days. The 309,864-sf Marketplace of Matteson in that south suburb was sold to a joint venture between New Plan Excel Realty Trust and the Galileo Funds for a reported $24 million, and at a 7% capitalization rate. Cornerstone Property Fund sold the mall anchored by Cub Foods, A.J. Wright and Burlington Coat Factory. Mid-America Real Estate Corp. principal Rick Drogosz represented Cornerstone Property Fund.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
