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A Greenwich-based real estate investment firm has partnered on the purchase of a suburban Chicago shopping center in a deal valued at $125 million, according to a published report.
Brand Street Properties announced Sept. 24 that it acquired Deer Park Town Center through a joint venture with Boston-based AEW Capital Management.
The seller was PGIM Real Estate, according to The Real Deal, which reported the purchase price, citing public property records. Brand Street’s announcement did not disclose financial terms.
The open-air shopping center in Lake County, about 35 miles northwest of downtown Chicago, is 85% leased, according to Brand Street. Tenants include Apple, Crate & Barrel, Lululemon, Anthropologie and Sephora, along with restaurants such as Sweetgreen and California Pizza Kitchen.
Brand Street said it will oversee the property’s day-to-day management, operations and leasing. The firm said it plans to attract additional tenants and update public gathering spaces to help increase foot traffic.
The company said it intends to use the acquisition to expand its presence in the Midwest.
“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 vice president of acquisitions at Brand Street Properties.
Brand Street, led by President Paul Brandes, specializes in real estate investment, development and asset management. The company said its leadership team has acquired, developed and operated more than 8 million square feet of properties valued at more than $2 billion over 30 years, including retail centers, mixed-use developments and freestanding net-leased properties.
