An out-of-state investor that specializes in acquiring, repositioning and operating retail properties nationwide scooped up a 932K SF open-air shopping center in the Chicago suburbs.

Rhino Investments Group acquired Randhurst Village in Mount Prospect from DLC Management. The property is dual-anchored by Jewel-Osco and Costco, the company announced in a release.

The shopping center, which spans about 94 acres at Rand and Elmhurst roads, draws more than 7.3 million annual visitors.

The deal is Rhino's second sizable retail investment in the Chicago area in just over a year, with the company acquiring an interest in The Promenade Bolingbrook in March 2025.

“These two acquisitions demonstrate our continued commitment to the Chicago market and our strategy of investing in large-scale retail destinations with strong tenancy, embedded growth and long-term relevance within their communities," Rhino Investments Group CEO Sanjiv Chopra said in a statement.

Rhino has other Illinois properties in its portfolio, including North Aurora Towne Center in Aurora, State Street Market in Rockford and 7915 N. Hale Ave. in Peoria.

Other tenants at Randhurst Village include Home Depot, Macy’s, TJ Maxx, HomeGoods, Nike, Skechers, PetSmart and Planet Fitness.

DLC acquired Randhurst Village for $100.5M in 2015, according to Crain's Chicago Business. The company sold off outlying parcels in other deals worth more than $30M, DLC CEO Adam Ifshin told the outlet.

The company did not disclose how much capital it deployed to revamp the shopping center in the last decade, but Ifshin told Crain's the deal "yielded an acceptable return" for the company.

Newmark's Conor Lalor and Keely Polczynski represented DLC in the deal, with support from the brokerage's Brian Schneiderman.

“Rhino’s conviction in Randhurst Village never wavered,” Polczynski said in a statement. “Despite market volatility, the transaction closed at the original contract price, and we are confident the property will continue to thrive under Rhino’s ownership.”