Algonquin Commons After being stuck in foreclosure for more than eight years, a big shopping center in northwest suburban Algonquin is a zombie no longer. California investment firm Red Mountain Group has acquired Algonquin Commons, a 600,000-square-foot property that ran into financial trouble after the Great Recession, when its then-owner defaulted on about $110 million in debt. Red Mountain plans to launch a $30 million turnaround of the shopping center, good news for one of the biggest distressed properties in the Chicago area. More “I have never seen an asset of this high quality, this well located, with this strong of a tenant mix, with this amount of opportunity in my 30 year career,” Red Mountain CEO Michael H. Mugel said in a statement. “We are so very excited to be participating with the Algonquin community to bring an experience that very few communities will ever get the chance to enjoy.”