Brand Street Properties/AEW acquire Deer Park Town Center in Illinois

Deer Park, IL Brand Street Properties, a real estate investment, development, and asset management company based in Greenwich, Conn., has acquired Deer Park Town Center, a 410,000 s/f open-air lifestyle shopping center located 35 miles northwest of downtown Chicago in Lake County. Brand Street acquired the property in a joint venture with AEW Capital Management, a Boston-based real estate investment manager.

A retail hub in the local community for more than 25 years, Deer Park Town Center is home to more than 60 brands including Apple, Crate & Barrel, William Sonoma, The Gap, Lululemon, Anthropologie, Sephora and many others. The center also features a strong dining lineup including Biaggi’s Ristorante Italiano, Sweetgreen, Stoney River Steaks, Ancho & Agave and California Pizza Kitchen.

“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, SVP 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.”

Currently 85% leased, the property stands to benefit from a refreshed remerchandising strategy under new ownership. Brand Street Properties will be responsible for the day-to-day management, operations, and leasing of the Center, with the intent of growing occupancy and further elevating the overall tenant-mix. As part of this value creation initiative, public gathering spaces will be reimagined to drive traffic and enhance customer experience. Brand Street plans to work closely with Deer Park’s existing tenants and the local community to ensure a smooth transition and continue the Center’s legacy as the premier shopping and gathering place in the northwest Chicago suburbs.

“We are thrilled to welcome Brand Street Properties as a new partner through the acquisition of Deer Park Town Center,” said Lauren Holden, managing director and head of retail at AEW. “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. 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.”

“Our team sees tremendous potential in Deer Park Town Center,” said Connor Nolan, VP of leasing at Brand Street Properties. “By leveraging our network of premier tenant relationships and hands-on management expertise, we are well positioned to attract category-leading brands, elevate the overall tenant mix, and drive sustained long-term value.

Photo Credit: Brand Street Properties