Deer Park, Ill. — A joint venture between AEW Capital Management and Brand Street Properties has acquired Deer Park Town Center, a 410,000-square-foot open-air center located in Deer Park, approximately 35 miles northwest of downtown Chicago. The purchase price of $125 million marks the highest price paid for a Chicago-area retail property in a decade, according to Crain’s Chicago Business.
Deer Park Town Center is home to more than 60 tenants, including Apple, Crate & Barrel, Williams Sonoma, Gap, lululemon, Anthropologie and Sephora. Restaurants include Biaggi’s Ristorante Italiano, Sweetgreen, Stoney River, Ancho & Agave and California Pizza Kitchen.
The property is currently 85 percent leased. Brand Street will be responsible for the day-to-day management, operations and leasing of the center, with the intent of growing occupancy. Public gathering spaces will be reimagined to drive traffic and enhance customer experience.
Conor Lalor, Kyle Minter, Keely Polczynski, James Sharpe V and Brian Schneiderman of Newmark represented the seller, PGIM, in the transaction.