Nuveen Real Estate Buys Northwest Chicagoland Shopping Center

Santa Ana, Calif.-based real estate developer Red Mountain Group recently announced the sale of its retail property in the northwest Chicagoland suburb of Algonquin, Ill.

The buyer, Chicago-based real estate investment management firm Nuveen Real Estate, reportedly paid $100 million for Algonquin Commons — a premier power, neighborhood, and lifestyle shopping center incorporating more than 580,000 square feet of greater Chicago retail space.

Located on South Randall Road on the southwest corner of Randall Road and County Line Road, the property spans 70 acres in one of Chicago’s most prominent suburban retail corridors and is reportedly the #1 most visited shopping center in a 15-mile radius, attracting more than 5 million visitors per year.

Built in 2004, Algonquin Commons is home to a diverse mix of best-in-class tenants that offer visitors a unique shopping and dining experience with local independent shops, national fashion chains, national big-box retailers and various restaurants that include: Trader Joe’s; The Fresh Market, which opened in 2025; Nordstrom Rack; Bob’s Furniture; Ulta Beauty; Old Navy; Dick’s Sporting Goods; and Barnes & Noble.

“The sale of Algonquin Commons reflects the successful transformation of this 70+ acre shopping center into a dynamic, fun, and entertaining retail destination,” said Michael H. Mugel, CEO and owner of Red Mountain Group. “Through extremely creative deal-making strategies, relentless tenacity, and lots of hard work, our leasing team was able to attract the strongest mix of tenants, elevate the communal shopping experience, and position the property for long-term success for the Village of Algonquin. We’re absolutely confident that the center will continue to thrive and serve as a cornerstone of the community under its new ownership.”

During its ownership of the property, Red Mountain Group implemented a merchandising and leasing strategy that increased occupancy from 60% to more than 90% and introduced new retail categories that better addressed the needs of the surrounding community. These enhancements included:

• Expanding entertainment and dining options
• Converting former anchor space into a health and beauty hub
• Remerchandising the southern end of the center and creating a greater cross-shopping experience for visitors
• Attracting a second grocery anchor, which opened earlier this year

Also earlier this year, Red Mountain Group was awarded the “Project of the Year” award by the Village of Algonquin Economic Development Commission in recognition of the positive influence that the Algonquin Commons revitalization efforts had on the surrounding community experience and local economy.