Jon Martin Of AEW Capital Management Acquires Retail Center In Deer Park For $125 Million

The property asset involved in the transaction is a retail center located at 20530 Rand Road in Deer Park, Illinois. The asset spans 352,000 square feet and was sold for $125,000,000, translating to a price per square foot of $355. This sale marks a significant event in the market, representing the largest retail property transaction in the Chicagoland area in at least a decade.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $125,000,000
• Buyer: Jon Martin - AEW Capital Management
• Seller: Jacques Chappuis - PGIM
• Broker: Keely Polczynski - Newmark
• Square Footage: 352,000
• Price per Square Foot: $355
• Market: Deer Park, IL
• Leased Status: 84.6%
• Year Built: 2000
• Brands Present: More than 45 national brands

Jon Martin from AEW Capital Management leads the acquisition of the retail center, representing a strategic investment by the firm. Jacques Chappuis of PGIM completes the sale, marking PGIM’s full exit from the property after earlier acquiring SITE Centers’ 25% stake in the retail center within the same year. Keely Polczynski of Newmark facilitated the transaction.