Tucker Development and Hutensky Capital Partners Announce $57.25-Million Acquisition of Town Square Wheaton
Chicago-based developer expands Midwest retail portfolio with acquisition of mixed-use shopping destination
Tucker Development, in joint venture with Hutensky Capital Partners, today announced the $57.25-million acquisition of Town Square Wheaton (“TSW”), a 200,000-square-foot shopping, dining and office destination located in Wheaton, Illinois.
The landmark pedestrian-friendly open-air property is a local and regional shopping destination, with its 160,000 square feet of retail space housing numerous prominent national brands including Banana Republic, Gap, Joseph A. Bank, Starbucks, Talbot’s, Victoria’s Secret, White House | Black Market, Gymboree, Yankee Candle, Charming Charlie, Francesca’s, Chico’s, Claire’s, Bath & Body Works, L.A. Tan, Red Mango, and the Vitamin Shoppe. The property also includes two professional buildings, which house a variety of medical care facilities.
Leveraging its successes in markets across the country, Tucker Development plans to utilize its vast industry experience to improve the shopping and lifestyle experience at the trendsetting retail property. Included in the company’s plans to enhance the buildings are over $1 million in signage and façade improvements.
“As we seek to grow our portfolio of quality retail assets in Chicago and other national metropolitan areas, we’re very excited to acquire this unique property, which is one of the most innovative pedestrian-oriented centers in Chicago, if not the nation,” said Richard Tucker, CEO of Tucker Development. “Town Square Wheaton is an exciting destination that has operated successfully for more than two decades. With the cosmetic and operational improvements we will be implementing, the already exceptional shopping experience will be significantly enhanced, and with its strong residential and day-time demographics, TSW will be successful for years to come.”
Situated in suburban DuPage County, TSW provides local residents with a wide range of shopping options, including dining, apparel, health and beauty, and jewelry stores. The open-air center, which includes seven total buildings arranged in a walkable “loop,” includes a significant amount of storefront parking.
“Town Square Wheaton is truly one of the crown jewels of the Chicago metropolitan area’s retail market,” said Brad Hutensky, president of Hutensky Capital Partners. “In collaboration with Tucker Development, we’re confident that we can unlock even more value from the property and enhance this exceptional shopping destination.”
CBRE represented the buyer and the seller in the transaction.
Based in Chicago, Tucker Development has developed some of the country’s most inventive mixed-use projects. Currently, in Fort Lee, N.J., Tucker is developing Hudson Lights, a one-million-square-foot, mixed-use redevelopment located at the entrance to the George Washington Bridge. Construction is underway on Phase I, which will feature approximately 143,000 square feet of retail space and 276 luxury apartments. Hudson Lights’ lead tenant, iPic, is building an eight-screen, 533-seat luxury movie theater and its award-winning dining concept, Tanzy.
In Newark, N.J., Tucker is developing Springfield Avenue Marketplace, one of New Jersey’s most highly anticipated urban, mixed-use developments. When complete, Springfield Avenue Marketplace will feature 125,000 square feet of retail space anchored by ShopRite, as well as 152 residential apartments, and is poised to play a key role in Newark’s continued resurgence as well as serve as a significant job creator.
About Tucker Development
Tucker Development, founded by Richard H. Tucker in 1996, is a leading developer and manager of shopping centers and mixed-use properties in key Midwest and East Coast barrier-to-entry markets. The company pursues mixed-use and retail-related real estate investments that provide an opportunity to enhance value through development, redevelopment, repositioning and recapitalization. Tucker Development Corporation’s development, management and leasing portfolio exceeds five million square feet and continues to grow through the company’s development and acquisition activity.
For more information on Tucker Development, visit www.tuckerdevelopment.com.
About Hutensky Capital Partners
Hutensky Capital Partners is a fund manager based in Hartford, CT that invests in retail assets with value-add opportunity in major U.S. markets via joint ventures, direct investment and the purchase of debt. Over the past decade, HCP has raised multiple equity funds and is currently investing via Hutensky Capital Partners III, a fully discretionary fund, that has over $115 million of institutional equity commitments. HCP is an affiliate of the full service retail real estate firm The Hutensky Group founded in 1979. For more information on Hutensky Capital Partners, visit www.hcpfund.com.