The Algonquin Commons shopping center has been sold to new owners about a year after it went on the market.

California-based Red Mountain Group sold the 63-acre property “for an undisclosed sum” to global real estate investment management company Nuveen Real Estate, according to a Red Mountain news release. According to published reports, the shopping area was sold for $100 million.

Red Mountain Group put the mall at 1900 S. Randall Road up for sale last year. The retail real estate company bought Algonquin Commons in 2021 when it was about 75% occupied, the Northwest Herald previously reported.

Red Mountain revamped the mall and raised its occupancy to 95% by bringing many new retailers, including Bob’s Discount Furniture, Te’Amo Boba Bar, Spencer and Chicago Ramen. More retailers opened this year, such as Twin Peaks sports bar, Mr. Kimchi Korean barbecue restaurant and The Fresh Market grocery store.

Algonquin Commons was bank-owned for about a decade after it was foreclosed on in 2013 as part of a $110 million lawsuit. When Red Mountain Group purchased the complex, the investment firm announced plans to invest $90 million into the site by creating amenities such as a playground, green space to host events and a two-story event venue called “The Link.”

Although the firm didn’t start on the plans, the entire parking lot was repaved, and three new signs on Randall Road were brought in, according to a document by real estate company Newmark.

“The sale of Algonquin Commons reflects the successful transformation of this 70+ acre shopping center into a dynamic, fun, and entertaining retail destination,” Red Mountain Group CEO and owner Michael H. Mugel said in the release.

“Through extremely creative deal making strategies, relentless tenacity, and lots of hard work, our leasing team was able to attract the strongest mix of tenants, elevate the communal shopping experience, and position the property for long-term success for the Village of Algonquin,” Mugel’s statement continued. “We’re absolutely confident that the center will continue to thrive and serve as a cornerstone of the community under its new ownership.”

Earlier this year, the village named Red Mountain Group its “Project of the Year” winner as part of its local business awards. The group received the honor for its “significant contributions to the Algonquin Commons” that resulted near-full occupancy and 5.6 million annual visits, according to a previous village news release.

Red Mountain Group was represented in the sale by Bill Bauman of Newmark, according to the release.