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Chicago & Midwest  + Greater Chicagoland  + Retail  | 

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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