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 ...