Tucker, Hutensky Grab Mixed-Use Center in Suburban Chicago
- May 14, 2015
A joint venture of Tucker Development and Hutensky Capital Partners has paid $57.25 million for Town Square Wheaton, a 203,000-square-foot retail-restaurants-and-office development in Wheaton, Ill., a western suburb of Chicago, the buyers announced last week.
The property, at Naperville and East Loop roads, consists of about 160,000 square feet of retail, which is 85 percent occupied, and 40,000 square feet of professional/office space, which is 99 percent occupied, primarily by healthcare-related tenants.
The seller was a venture affiliated with Andrew Vaccaro, a local investor, according to a report in Crain’s Chicago Business. The transaction closed on May 1.
Tucker plans to enhance the property with more than $1 million in signage and façade improvements.
“We will be aggressively leasing up the vacant retail space, which will improve the overall shopping experience at Town Square Wheaton,” Rich Tucker, president of Tucker Development told Commercial Property Executive. “In particular, we anticipate increasing the dining opportunities, and we hope to bring aboard fast-casual establishments as well as sit-down restaurants.”
CBRE represented the buyer and the seller in the transaction. CBRE’s George Good, executive vice president in the National Retail Investment group, represented the seller in the transaction, and executive vice president Robert Mahoney was also involved.
The open-air center consists of seven buildings and is tenanted by Banana Republic, Gap, Joseph A. Bank, Starbucks, Talbot’s, Victoria’s Secret, White House | Black Market, Gymboree, Francesca’s, Chico’s, Claire’s, Bath & Body Works, L.A. Tan, Red Mango and the Vitamin Shoppe.
“Town Square Wheaton was one of the first lifestyle centers built in the U.S.,” Good said in a CBRE release. “The attributes of the original development nearly 25 years ago are even more pronounced today: a tremendous trade area, an iconic design, convenient access and an inviting environment to work, shop or dine.”