LAKE IN THE HILLS – An auction for a Lake in the Hills property that includes the former Dominick’s store has been postponed, Economic Development Coordinator George Hahne said.
Hahne announced in June that Aldi would be putting its new prototype in a portion of the 70,000-square-foot building at Randall and Algonquin roads, which has been vacant since 2014. The whole center where the Dominick’s was located, including a shopping center just north of the area, was originally planned to be put up for auction on Wednesday.
However, the auction was delayed and may not take place for up to two months from now, Hahne said.
“It’s a typical real estate transaction, it’s just taking a little bit more time,” Hahne said.
A representative from Transwestern, the company brokering the auction, could not immediately be reached for more information. Hahne has said the price for the centers will start at $1.5 million.
The center where the old Dominick’s was located includes about 99,000 square feet of retail space, Hahne said, and the shopping center just north of the Dominick’s shopping center on Randall Road includes about 17,000 square feet of retail space. Aldi would occupy about 22,000 square feet of the vacant Dominick’s store.
Farm, ranch and home retail chain Big R had planned to move in but backed out in August.
When Dominick’s stores closed, Jewel-Osco bought many of the stores’ leases, including the one in Lake in the Hills, Hahne said. Several grocery stores had shown interest in the space before, Hahne has said, but a lease between the shopping center’s owner, LNR Property, and Albertsons, the parent company of Jewel-Osco, prevented those deals from happening. However, on April 30, that lease ended.
Aldi has signed a letter of intent with the shopping center’s current owners, Hahne said, which helps make the center more valuable at auction. He’s confident the sale will still go through and Aldi will still move into the space once the center is sold, despite the delay.
“[A Transwestern representative said] it’s definitely going to happen, it’s just been delayed 30 to 60 days,” Hahne said.