Newmark has facilitated the sale of Deer Park Town Center, a large open-air lifestyle retail property in Deer Park, Illinois, for $125 million. The transaction involves a 352,257-square-foot center that serves as a regional shopping and dining destination in its trade area.
The property, located at 20530 N. Rand Road, was originally developed in 2000 and has operated as an open-air, lifestyle-oriented retail center since that time. At the point of sale, Deer Park Town Center was approximately 84.6% occupied, with more than 45 retailers and restaurants in operation at the complex.
Newmark represented the seller, PGIM, in the disposition. The Newmark team was led by President and Head of Retail Capital Markets Conor Lalor, along with Senior Managing Directors Kyle Minter and Keely Polczynski. They were supported on the assignment by Director James Sharpe V and Associate Director Brian Schneiderman.
The buyer in the transaction is a joint venture formed by Brand Street Properties and AEW Capital Management, L.P. The acquisition adds a sizable open-air retail asset to the joint venture’s portfolio, reflecting continued investor interest in lifestyle-oriented retail centers with established tenant rosters.
According to Newmark, Deer Park Town Center offered the purchasers an opportunity to gain control of a dominant open-air lifestyle asset within what is described as one of the Midwest’s most desirable retail trade areas. While specific trade area performance metrics were not disclosed, the property was characterized as a leading retail destination in its market.
The center’s merchandising strategy is anchored by nationally recognized retailers and brands. Tenants include Anthropologie, Crate & Barrel, Pottery Barn, Sephora, lululemon, Apple and Warby Parker, among others. This mix of fashion, lifestyle, home furnishings and technology retailers contributes to the property’s positioning as a regional lifestyle center.
No additional transaction terms, such as cap rate, financing structure or business plan for the asset, were disclosed. However, the combination of a substantial purchase price, a large-format open-air layout and a nationally recognized tenant roster underscores the institutional nature of both the seller and the purchasing joint venture.
