Town Square Wheaton's new owner promises $1M in renovations after $57.3M purchase

WHEATON – One of the city's biggest retail spots now has a new owner and will soon be getting a face-lift.

Tucker Development and Hutensky Capital Partners have purchased Town Square Wheaton, a 200,000-square-foot shopping, dining and office space on the south side of Wheaton, for $57.25 million.

Rich Tucker, CEO of Tucker Development, said the opportunity to get into an established and built-in market was one they couldn't pass up.

"We have been aware of the property for a number of years, ever since it was built, and we always liked the real estate and the location," he said. "And we knew there wouldn't be a quality development like this that came around often."

The two companies have targeted about $1 million in physical improvements, including signage, façade work and other items, Tucker said.

He said the property currently has about 85 percent occupancy, with 160,000 square feet of retail space and shops including Banana Republic, Yankee Candle, Gap and Victoria's Secret. Tucker said he hoped to fill the remaining spaces with dining options. It also includes two professional buildings housing several medical care facilities.

Tucker also said he envisioned expanding the location's annual programming, which now includes a variety of events such as the Christmastime Frosty Fest and a Halloween costume party.

"There are great demographics around there," he said. "There's a customer base that's already there that we think can be improved upon by creating more opportunities."

Kerry O'Brien, executive director of the Wheaton Chamber of Commerce, said she was excited to see the new management.

She said continuing to have a strong shopping center off of Naperville Road and Blanchard Circle was a good complement to the city's downtown.

"Some people sometimes see that as competing shopping centers, but they both enhance each other making Wheaton a retail destination," she said.