Chicagoland lifestyle center acquired by Connecticut-based firm
A 410,000-sq.-ft. lifestyle center located in the Chicago suburbs has a new owner.
Connecticut-based investor, developer and asset manager Brand Street Properties has acquired Deer Park Town Center, located 35 miles northwest of downtown Chicago in Deer Park, Ill.
The property was purchased in a joint venture with AEW Capital Management, a Boston-based real estate investment manager, in a deal valued at $125 million, according to The Real Deal. PGIM Real Estate was the seller.
Deer Park Town Center is home to more than 60 brands including Apple, Crate & Barrel, William Sonoma, Gap, Lululemon, Anthropologie, Sephora and more. Its roster of dining tenants includes Biaggi’s Ristorante Italiano, Sweetgreen, Stoney River Steaks, Ancho & Agave and California Pizza Kitchen.
[READ MORE: DLC sells million-square-foot center in Chicagoland]
The property first opened its doors in 2000, and is now 85% leased.
“Deer Park Town Center represents exactly the type of opportunity we look for: high-quality, well-located real estate with a strong tenant mix, an established connection to the surrounding community and meaningful potential for further growth,” said Jordan Brandes, senior VP of acquisitions at Brand Street Properties. “The asset has established itself as the dominant, open-air shopping destination in the region, and we look forward to building upon that success long-term.”
Brand Street Properties will be responsible for the day-to-day management, operations and leasing of the Deer Park Town Center, which will see a “refreshed merchandising strategy." The company added that its plans to reimagine public gathering spaces to drive traffic and enhance customer experience.
"This investment aligns with our strategy of acquiring high-quality retail assets in affluent and densely populated suburban markets where we can further enhance the merchandising and tenant mix and unlock long-term value," said Lauren Holden, managing director and head of retail at AEW. “Deer Park is a well-positioned premier shopping and community destination with an outstanding collection of retailers and restaurants, and we look forward to working closely with Brand Street to further enhance the customer experience and position it for future success.”
Brand Street Properties owns approximately 25 retail properties across 10 states.
