R
ed Mountain Group is looking to sell the Algonquin Commons, a revamped shopping center in Geneva that it brought back from financial struggles. The California-based investment firm, led by CEO Michael Mugel, has enlisted Newmark's Bill Bauman, Kyle Miller, and Conor Lalor to market the 542,100-square-foot property at 1900 South Randall Road. Red Mountain acquired the center for $33 million in a lender-controlled sale three years ago, investing $30 million in renovations that included a covered gathering area. The redevelopment paid off, with foot traffic increasing by over 33% and occupancy rising from around 75% to 90%. The center is anchored by major retailers such as Trader Joe's, Fresh Market, Barnes & Noble, and Nordstrom Rack. Red Mountain's decision to list the property comes after a recent high-profile retail sale in the Chicago area, with Site Centers selling Woodfield Village Green for over $93 million in August.
realestate
Redeveloped Retail Site Listed for Suburban Redevelopment
California's Red Mountain Group seeks buyer for Algonquin Commons shopping center in Geneva.
Read More - realestate
realestate
Boston Real Estate Times Honors Top Performers at Prestigious Annual Awards Ceremony
250+ Commercial Real Estate Pros Attend Boston Real Estate Times' Annual Excellence Awards Gala.
Read More - realestate
realestate
Luxury Homes Sold in Central New York: Top Transactions October 5-11
Here are the top stories for CNY counties from October 5-11:
Read More
realestate
Dallas-based fintech firm secures $184M for real estate investment platform
Dallas-based startup Backflip raises $184M to finance residential fix-and-flip projects.