Tucker Development, Hutensky Capital Partners acquire Town Square Wheaton

Chicago -- Tucker Development, in joint venture with Hutensky Capital Partners, announced the $57.25 million acquisition of Town Square Wheaton (TSW), a 200,000-sq.-ft. shopping, dining and office destination located in Wheaton, Illinois.



The landmark pedestrian-friendly open-air property is a local and regional shopping destination, with 160,000 sq. ft. of retail space housing such national brands as Banana Republic, Gap, Joseph A. Bank, Starbucks, Talbot’s, Victoria’s Secret, White House | Black Market, Gymboree, Yankee Candle, Charming Charlie, Francesca’s, Chico’s, Claire’s, Bath & Body Works, L.A. Tan, Red Mango, and the Vitamin Shoppe.



In addition, the property includes two professional buildings, which house a variety of medical care facilities.



Leveraging its successes in markets across the country, Tucker Development plans to utilize its industry experience to improve the shopping and lifestyle experience at the trendsetting retail property. Included in the company’s plans to enhance the buildings are over $1 million in signage and façade improvements.



“As we seek to grow our portfolio of quality retail assets in Chicago and other national metropolitan areas, we’re very excited to acquire this unique property, which is one of the most innovative pedestrian-oriented centers in Chicago, if not the nation,” said Richard Tucker, CEO of Tucker Development. “Town Square Wheaton is an exciting destination that has operated successfully for more than two decades. With the cosmetic and operational improvements we will be implementing, the already exceptional shopping experience will be significantly enhanced, and with its strong residential and day-time demographics, TSW will be successful for years to come.”



Situated in suburban DuPage County, TSW provides local residents with a wide range of shopping options, including dining, apparel, health and beauty, and jewelry stores. The open-air center, which includes seven total buildings arranged in a walkable “loop,” includes a significant amount of storefront parking.



“Town Square Wheaton is truly one of the crown jewels of the Chicago metropolitan area’s retail market,” said Brad Hutensky, president of Hutensky Capital Partners. “In collaboration with Tucker Development, we’re confident that we can unlock even more value from the property and enhance this exceptional shopping destination.”



CBRE represented the buyer and the seller in the transaction.