Algonquin Commons Sells For $100M

ALGONQUIN, IL — About a year after the Algonquin Commons went on the market it has sold for $100 million, according to media reports.

Red Mountain Group, Inc., which is based in California, announced in recent days that the 600,000-square-foot Algonquin shopping center had been sold to Neveen Real Estate, which is a global real estate investment company.

“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 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 communals hopping 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.”

The Algonquin Commons has added several tenants since 2021 when Red Mountain Group bought the shopping center. At that time, the Commons was at 60% occupancy, according to a Red Mountain Group news release.

Now, it is at 94% occupancy, according to the news release.

More via Shaw Local News Network

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