BOSTON, September 23, 2026 – AEW Capital Management (“AEW”) today announced the acquisition of Deer Park Town Center, a 410,000-square-foot, open-air lifestyle center located in Lake County, Illinois, approximately 35 miles northwest of downtown Chicago. AEW acquired the property in a joint venture with Brand Street Properties, a real estate investment, development and asset management company.
A retail and community destination for more than 25 years, Deer Park Town Center includes more than 60 retailers and restaurants. Its tenant roster features Apple, Crate & Barrel, Williams Sonoma, Gap, lululemon, Anthropologie and Sephora, as well as Biaggi’s Ristorante Italiano, Sweetgreen, Stoney River Steakhouse, Ancho & Agave and California Pizza Kitchen.
“This investment aligns with our strategy of acquiring high-quality retail assets in densely populated suburban markets where we see opportunities to enhance the merchandising and tenant mix and unlock long-term value,” said Lauren Holden, Managing Director and Head of Retail at AEW. “Deer Park is a well-positioned shopping and community destination with a collection of well-known retailers and restaurants. We look forward to working closely with Brand Street to further enhance the customer experience.”
The property is currently 85% leased. Under the new ownership, AEW and Brand Street Properties plan to implement a refreshed merchandising strategy, grow occupancy and further strengthen the tenant mix. The partnership also intends to reimagine the center’s public gathering spaces to help drive traffic and enhance the overall customer experience.
Brand Street Properties will oversee the property’s day-to-day management, operations and leasing, drawing on its tenant relationships and retail operating experience. The team will also work with the center’s existing tenants and the surrounding community to support a smooth transition and build on the property’s established role as a shopping and gathering destination in Chicago’s northwest suburbs.
About AEW
For 45 years, AEW Capital Management, L.P. (“AEW”) has provided real estate investment management services to investors worldwide. As one of the world’s largest real estate investment advisors¹, AEW and its affiliates manage $83.7 billion in private real estate equity, debt and listed securities across North America, Europe and Asia, as of June 30, 2026. Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk-return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities.
¹Source: “2026 IREI.Q Real Estate Managers Guide”. The Guide, published annually by Institutional Real Estate, Inc., ranks real estate managers based on the gross value of real estate AUM ($m) as of December 31, 2025. As of June 30, 2026. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe and its subsidiaries. AEW Europe and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other. Total AEW AUM of $83.7 billion includes $39.7 billion in assets managed by AEW Europe and its affiliates, $2.8 billion in regulatory assets under management of AEW Capital Management, L.P., and $41.2 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non-discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice. These figures are subject to minor variations due to rounding. Exact figures are available upon request.