LITH Shopping Center Faces Foreclosure Lawsuit
Dominick's is located in the shopping center.
The Algonquin Commons is not the only Randall Road shopping center facing a foreclosure lawsuit.
The Lake in the Hills Shopping Center, which contains Dominick's at 101 N. Randall Road, faces a $17.9 million foreclosure lawsuit and the property is to be sold on Feb. 14, according to the Northwest Herald.
A property management company wrote in a court report that there was an over abundance of retail on Randall Road as well as several vacancies and suggested lower rental rates at the LITH Shopping Center to keep—and draw—businesses in.
A foreclosure lawsuit has also been filed against Inland Real Estate Corp. for allegations that the Oakbrook-based company stopped making payments on two separate Algonquin Commons shopping center loans last summer, according to media reports.
U.S. BANK N.A. filed the foreclosure suit in Kane County Circuit Court in December, seeking repayments of the two loans totaling $109 million, according to the Daily Herald.
The Daily Herald reports Inland ongoing vacancies and certain leases that "allowed some tenants to reduce their monthly rents" as a source for its financial woes.
The lawsuit filed against the 565,000 square foot property is one of the largest foreclosure cases filed in the Chicago area in recent years, according to the Chicago Business Journal.