Geneva shopping center sells as Nordstrom Rack prepares to move in

A suburban shopping center west of Chicago traded hands as big-name tenants are set to replace recently vacated storefronts.

Northpond Partners, based in Chicago, has acquired Randall Square Shops, a 54,174-square-foot plaza located within the larger Randall Square Shopping Center in Geneva, from Ohio-based Viking Partners. Viking had purchased the larger 226,000-square-foot Randall Square Shopping Center for $31.1 million last year.

“Sale of the four outparcels at Randall Square marks a significant milestone in our larger value-add business plan for the shopping center,” said Jeff Sluzala, Viking’s director of asset management, in an emailed statement to Crain’s. “Viking Partners has a long history of investing in retail real estate, and this asset is a prime example of what our platform can achieve.”

The recent transaction’s sale price was not immediately clear and has yet to be published in online property records.

The center is home to tenants such as McAlister’s Deli, Hand & Stone Massage, For Eyes, Men’s Wearhouse, Golf Tec, Milan Laser and Popeyes. One tenant that recently left the larger Randall Square Shopping Center is Bed, Bath & Beyond.

Last year, the retailer closed all of its stores after filing for bankruptcy. Now, its former space in Geneva is being renovated for new storefront locations for Nordstrom Rack and Skechers.

Viking is optimistic about the future prospects of the center in an “affluent Chicago suburb.” Another recent suburban shopping center deal is Woodfield Village Green in Schaumburg, which traded for over $93 million in August.

Northpond owns two dozen retail locations around Chicago, according to its website, including a Naperville shopping center it acquired for $52 million in 2022.

Mid-America Real Estate Principal Joe Girardi and Vice President Emily Gadomski represented Viking Partners in the transaction.