Rhino Investments Secures $72.3M Financing for Randhurst Village Acquisition in Mount Prospect, Illinois

Rhino Investments Group recently completed the acquisition of Randhurst Village, a significant open-air shopping center located in Mount Prospect, Illinois, a suburb approximately 20 miles west of Downtown Chicago. The property, spanning 929,899 square feet, was purchased from DLC Management Corp. for $95 million on September 23.

To facilitate the acquisition, Rhino Investments Group secured $72.3 million in debt financing. This package included a $45.6 million senior loan provided by Aquarian Real Estate Partners (AREP) and a $26.7 million mezzanine loan from 3650 Capital. The new ownership intends to implement a value-add strategy for Randhurst Village, focusing on leasing vacant spaces and divesting outparcel pieces.

Originally opened in 1962 as the Chicago region’s first enclosed mall, Randhurst Village has since been redeveloped into an open-air format. It benefits from a strong tenant base, including major retailers like Costco, Home Depot, Jewel-Osco, and Macy’s, and attracts 9.3 million annual visits. This transaction highlights continued investor interest in well-located retail assets within affluent suburban markets, offering opportunities for strategic repositioning and enhanced value.