Geneva shopping center sells off four outlots

The Randall Square Shopping Center in Geneva has sold four of its outlots, as its owner concentrates attention on the mall’s main building.

Viking Partners sold two strip centers, an office building and a Popeye’s Chicken lot, at 1416, 1492, 1518 and 1542 S. Randall Road, for $15 million, according to Kane County property records. The properties are on 7 acres on the west side of Randall, south of Fargo Boulevard.

The buyer was NRP Randall Square LLC. The sale happened Oct. 2.

The strip centers house businesses including Rayus Radiology, Men’s Wearhouse, McAlister’s Deli, Batteries+Bulbs and a dry cleaner. A real estate office occupies another building. Three of the buildings were built in 1998, the other in 2001, according to Geneva Township assessment records.

Viking Partners still owns a larger “power center” to the west, where there is an Old Navy store. A Nordstrom Rack store and a Skechers shoe store are being built in the former Bed Bath and Beyond space, which has been vacant since the national retailer went bankrupt and closed all its stores in early 2023.

Viking Partners bought the whole property in 2023 for $31 million, according to county property records.

NRP Randall Square LLC incorporated in July, according to state records. It is part of Northpond Partners, a Chicago-based real estate investment firm. Northpond did not respond to a request for comment.

Northpond’s website says it focuses on acquiring, developing and redeveloping retail and mixed-use real estate. In November 2023, it and the North Carolina Retirement Systems formed the Northpond Retail Partners fund, with a $200 million initial investment.

According to a press release, NRP focuses on buying neighborhood retail centers that don’t have anchor stores. It targets properties that house convenience, necessity and service-oriented tenants. The press release said these types of assets have been resilient through economic upturns and downturns the last 20 years.