Alliance Buys Algonquin Galleria for $22M

ALGONQUIN, IL-Alliance Equities LLC has acquired Algonquin Galleria, a new 83,441-sf shopping center, from Mid-America Development Partners for $22.5 million. The center, at 1515 Randall Rd., boasts anchor tenants including a 30,000-sf Best Buy and a 20,000-sf La-Z-Boy, each with 10-year leases. Shadow tenants include a 40,000-sf Dania and 20,000-sf Ethan Allen, and the Galleria is across the street from the 600,000-sf Algonquin Commons.

“We liked the demographic, we liked the location and we liked the tenant mix,” Ben Reinberg, founder and president of Deerfield, IL-based Alliance, tells GlobeSt.com. “The center has really good real estate, with 360-degrees of residential in the area. We’re located across from a prominent lifestyle center, and we felt the return met our capital.”