Jon Martin Of AEW Capital Management Acquires Retail Center In Deer Park For $125 Million
20530 Rand Road
$125,000,000
$355/SF
Building Size
352,000 SF
Asset Type
Retail
Closing
Sep 15, 2026
About this deal
AI
The retail asset at 20530 Rand Road in Deer Park, Illinois, has been sold for $125 million. This asset comprises 352,000 square feet and is recognized as Chicagoland’s largest retail property sale in at least a decade. The property is 84.6% leased and features more than 45 national brands, having been built in 2000.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $125,000,000
- Buyer: Jon Martin - AEW Capital Management
- Seller: Jacques Chappuis - PGIM
- Broker: Conor Lalor & Keely Polczynski - Newmark
- Square Footage: 352,000
- Price Per Square Foot: $355
This transaction signifies PGIM's full exit from the property after acquiring a 25% stake from SITE Centers earlier in the year. The sale was facilitated by brokers Conor Lalor and Keely Polczynski from Newmark, representing both buyer and seller in the deal.
On the Map
$125,000,000
$355/SF
Retail
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Players
Deer Park Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93