Newmark has arranged the $125 million sale of Deer Park Town Center, a 352,257-square-foot open-air lifestyle center located in Deer Park, Illinois.
Newmark President and Head of Retail Capital Markets Conor Lalor and Senior Managing Directors Kyle Minter and Keely Polczynski represented the seller, PGIM, in the transaction, with support from Director James Sharpe V and Associate Director Brian Schneiderman. The buyer was a joint venture of Brand Street Properties and AEW Capital Management, L.P.
Located at 20530 N. Rand Road, Deer Park Town Center was built in 2000. The center was approximately 84.6% occupied at the time of sale and features more than 45 retailers and dining options.
“Deer Park Town Center represented a rare opportunity to acquire a dominant open-air lifestyle asset in one of the Midwest’s most desirable retail trade areas,” said Lalor. The center is anchored by a roster of tenants, including Anthropologie, Crate & Barrel, Pottery Barn, Sephora, lululemon, Apple and Warby Parker.
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