Last November 15, the evening at Deer Park Town Center started at 6 p.m. with a performance by Those Funny Little People. Fireworks followed at 6:30. Santa then arrived on a Lake Zurich fire truck and stayed for visits and free photos until 8:30. PGIM owned the center back then. By late September 2026 it belonged to someone else. As of this week, neither the center nor the Village of Deer Park has posted a 2026 date for Santa's Arrival.
That gap matters more than usual this year. The new owner has said little about specific plans so far. The one physical change it has named is to the central area where the center's events take place.
A $125 Million Purchase Aimed at the Middle of the Center
On September 23, 2026, AEW Capital Management and Brand Street Properties announced that their joint venture had bought Deer Park Town Center. The Daily Herald reported the price at $125 million, the largest Chicago-area retail deal in a decade. That beat the $122 million paid for Village Crossing in Skokie earlier the same month. Crain's Chicago Business also called it a decade-high price for the region.
Brand Street, a Connecticut-based developer, now runs day-to-day management, operations and leasing. Jordan Brandes is Brand Street's senior vice president of acquisitions. He told the Daily Herald the firm had been looking at Midwestern sites to grow beyond its mostly East Coast portfolio. He also described the physical changes it has in mind: "Whether it be through landscaping, hardscaping or other improvements, we're looking to enhance the central area where a lot of the events take place today."
Brandes also said Brand Street plans to spend time getting to know the community before making any notable changes. Village President Greg Rusteberg told the same paper that village officials had only recently learned of the sale. "The Village looks forward to formulating a strong and vibrant partnership for the benefit of our residents, merchants and shoppers," he wrote.
Brandes added that Brand Street was already talking with potential tenants about the vacant spaces. Of the plans described so far, though, the events area is the only physical change. For anyone who uses the center as a holiday gathering spot, that is the part to watch.
What the Center's Holiday Season Looked Like in 2025
This was the program under the previous owner, as Patch announced it on November 5, 2025. Treat these as last year's dates only. None of them has been confirmed for 2026.
| 2025 date | Event |
|---|---|
| Through Dec. 5 | Toys for Tots drive |
| Nov. 15, 6–8:30 p.m. | Santa's Arrival & Fireworks, with tree lighting |
| Nov. 28 | Black Friday shopping with carolers |
| Dec. 2 and Dec. 9 | Crafts with Santa and Mrs. Claus |
| Dec. 13 | Stuff a Squad Car |
| Dec. 14 and Dec. 21 | Story Time with Mrs. Claus |
| Select December dates | Holiday choir performances and strolling entertainers |
The Village's own calendar page for the 2025 Santa's Arrival lists the same Saturday, November 15. Patch published that announcement ten days before Santa arrived. A late-October calendar with no holiday dates has happened before.
What Brand Street Changed at Its Connecticut Center
Brand Street's clearest track record is at Evergreen Walk, a 400,000-square-foot open-air lifestyle center in South Windsor, Connecticut. That is close to the 410,000 square feet the new owners give for Deer Park Town Center.
The Hartford Business Journal reported in November 2024 that Evergreen Walk's vacancy peaked around 50% in 2021. After 14 tenant additions in 18 months, occupancy reached a record 90%. The paper credited a new management team and a strategy built on experiences and community. Under Brand Street, Evergreen Walk was rebranded and given outdoor upgrades, trails and outdoor dining. Existing storefronts were combined or split to fit new tenants. Whole Foods replaced Highland Park Market. Shake Shack, Golf Lounge 18, La-Z-Boy, the Goddard School and several wellness businesses moved in.
Brand Street had managed Evergreen Walk for years before it and Barings bought the center outright in December 2025. Their acquisition announcement listed refreshed common areas, continued reinvestment and expanded events as the next steps.
Deer Park Town Center is about 85% leased, far from Evergreen Walk's 2021 low point. Common areas and events were central to Brand Street's work in Connecticut, and the one physical plan it has described for Deer Park is also about common areas and events.
The Storefronts Waiting on Tenants
The other part of Brand Street's plan is filling empty space. The new owners say the center is about 85% leased. Newmark, which represented PGIM in the sale, put it at 84.6% occupied when the deal closed. Brand Street's new leasing brochure lists 14 available suites:
- Large spaces: Suite 136 at 11,994 square feet, Suite 242 at 7,890, Suite 346 at 5,187 and Suite 326 at 5,140
- Mid-size spaces: Suite 350 at 4,303, Suite 600 at 3,600, Suite 610 at 2,977 and Suite 324 at 2,699
- Small spaces: Suite 116 at 2,000, Suite 352 at 1,792, Suite 118 at 1,600, Suite 134 at 1,371, Suite 344 at 1,000 and Suite 413 at 800
Even the "410,000 square feet" figure depends on who is measuring. Patch noted that the brochure lists 403,436 square feet of leasable space, while Newmark used 352,257 square feet in its sale announcement. Connor Nolan, Brand Street's vice president of leasing, told the outlet the company sees room for more national brands. He said Brand Street can use its "network of premier tenant relationships" to "attract category-leading brands."
Not every recent arrival is Brand Street's work. Newmark credits about 74,000 square feet of leasing over the past several years under the previous owner. That includes Sweetgreen, Tommy Bahama, Pandora, The Shade Store, Bluemercury, Joybird, American Eagle and Warby Parker. Toastique, a gourmet toast, juice and coffee bar, and COCO Nail Bar are both marked "Coming Soon" in the center's directory, with no opening dates posted. Those signings were already in place before the sale. For now, the empty suites are the clearest sign of Brand Street's own leasing.
Dates Already on the Calendar
Three dates are set for November and December, and none depends on the new owner's holiday plans:
- Sunday, November 1: Reservations open for the Village's "Meet Your Neighbors - Santa Bingo."
- Saturday, November 7, 11 a.m. to 2 p.m.: Joybird's grand opening celebrates its second Chicago-area showroom, at Deer Park Town Center. Goodhart Coffee is serving hot chocolate and coffee, The Signature Graze is bringing a charcuterie cart, and Bloom Bar Chicago is running a build-your-own-bouquet station. There are free swatch kits and a drawing for a $1,500 Joybird gift card. The event benefits Ronald McDonald House of Chicagoland & Northwest Indiana.
- Saturday, December 5, 10 a.m. to noon: Santa Bingo at Vehe Barn, run by the Village.
Santa Bingo is the one holiday event in Deer Park with a confirmed 2026 date. Vehe Barn is not part of the shopping center. Whatever the center announces for Santa's Arrival will be Brand Street's first holiday program. It will also be the first event in the central area Brandes said he wants to improve.
Morrison Home Team follows changes like this one at Deer Park Town Center because the places a community gathers shape what it is like to live near them. If you're thinking about what the next few years at Rand and Lake-Cook roads could mean for your home, Request Your Free Home Valuation and we'll walk you through it.