Midwest

DEER PARK, ILL. — Brand Street Properties and AEW Capital Management have acquired Deer Park Town Center, a 410,000-square-foot, open-air shopping center in Deer Park, about 35 miles northwest of downtown Chicago. Conor Lalor, Kyle Minter and Keely Polczynski of Newmark represented the seller, PGIM, with support from colleagues James Sharpe V and Brian Schneiderman. The sales price was $125 million. Deer Park Town Center is home to more than 60 tenants, including Apple, Crate & Barrel, Williams-Sonoma, Gap, Lululemon, Anthropologie and Sephora. Restaurants include Biaggi’s Ristorante Italiano, Sweetgreen, Stoney River, Ancho & Agave and California Pizza Kitchen. Built in 2000, the property is currently 85 percent leased. Brand Street will be responsible for the day-to-day management, operations and leasing of the center, with the intent of growing occupancy. Public gathering spaces will be reimagined to drive traffic and enhance customer experience.

MOUNT PROSPECT, ILL. — Newmark has arranged the $95 million sale of Randhurst Village, a 931,798-square-foot power center in Mount Prospect. Conor Lalor and Keely Polczynski of Newmark represented the seller, DLC, with support from colleague Brian Schneiderman. The buyer was Rhino Investment Group. The transaction follows DLC’s execution of a comprehensive business plan to enhance the asset’s value, drive leasing activity and strengthen the property’s tenant mix. Situated on more than 94 acres at the intersection of Rand and Elmhurst roads, Randhurst Village is home to anchor tenants Costco, Jewel-Osco and The Home Depot. Additional tenants include TJ Maxx, HomeGoods, AMC Theatres, Skechers, Orangetheory Fitness and PetSmart. The property was originally redeveloped from the former Randhurst Mall. 3650 Capital and Aquarian Real Estate Partners (AREP) originated $72.3 million in financing for the acquisition. The financing included a $45.6 million senior loan arranged by AREP and a $26.7 million mezzanine loan from 3650 Capital. In addition to the acquisition, the financing includes future funding for the buyer to execute its value-add plan, including leasing up vacant spaces and pursuing outparcel sales. Anthony Longo of Alpha Capital CRE served as the capital advisor on the whole loan financing.