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Red Mountain Acquires 75% Occupied Algonquin Power Center
Concluding eight years of receivership, Algonquin Commons, a 600,000-square-foot power/lifestyle center in Algonquin, IL, has traded to Red Mountain Group. Terms of the transaction were not disclosed.
“I have never seen an asset of this high quality, this well located, with this strong of a tenant mix, with this amount of opportunity in my 30-year career,” said Red Mountain CEO Michael H. Mugel.
Headquartered in Santa Ana, CA, Red Mountain will invest nearly $30 million for the re-development, renovation, and re-tenanting / re-merchandising of the 75% occupied shopping center.
The center was built in 2004 and offers a varied tenant mix that includes national fashion chains, local independent shops, national big-box retailers, and various restaurants. While the property was in escrow, Red Mountain executed a new lease with Ashley Furniture, and is working with two other large-format national retailers to add to the existing tenant mix.
- ◦Sale/Acquisition

