CHICAGO—Tucker Development, in a joint venture with Hutensky Capital Partners, recently acquired Town Square Wheaton, a 200,000 square-foot shopping center and office property in suburban Wheaton, for $57.25 million. Until 2014, the Chicago-based firm had spent several years developing giant mixed-use projects in New Jersey, but with those projects well underway, it decided to refocus its attention developing local projects and expanding its retail portfolio.
“Town Square Wheaton is a site that we always considered great real estate,” Richard Tucker, chief executive officer of Tucker, tells GlobeSt.com. “It's had the same owner for a long time and it's in very good shape.” Furthermore, its unique, pedestrian-friendly design, which includes seven buildings arranged in a walkable loop, makes it a comfortable place to shop.
However, Tucker says the company does plan to spend about $2 million on various upgrades, including new signage, façade improvements and enhancements to the outdoor spaces.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
