Algonquin, Ill. — Red Mountain Group Inc. has acquired Algonquin Commons, a 600,000-square-foot power center in Algonquin, a northwest suburb of Chicago. The purchase price and seller were undisclosed. Built in 2004, the property is 75 percent occupied by tenants such as Trader Joe’s, Ulta Beauty, Nordstrom Rack, DSW, Pottery Barn, Victoria’s Secret, Express, On the Border and Bonefish Grill. Red Mountain plans to invest $30 million for the renovation and repositioning of the center. Plans call for an indoor-outdoor covered entertainment area with an acre of open space. While in escrow, Red Mountain executed a new lease with Ashley Furniture. The company says it is currently working with two other large-format national retailers.
Red Mountain Group Acquires 600,000-Square-Foot Algonquin Commons Power Center in Suburban Chicago