The fee-simple and leasehold interests of a trio of borrowers in the 2.4 million-square-foot Oakbrook Center, including Oakbrook Anchor Acquisition I and II, will secure about $800 million in commercial mortgage-backed securities (CMBS).
Interests underpinning GGP Trust 2026-BRK3 are in a mega shopping mall in Oakbrook, Ill., called the Oakbrook Center, considered a class A superregional mall, according to S&P Global Ratings.
Slated to close on October 8, the deal will sell the notes through two tranches of notes, classes A and HRR. S&P assigns AAA to both tranches of notes, the rating agency said.
S&P noted that the fee simple interests will secure a mortgage on the shopping center. The mortgage, however, which is expected to mature in October 2031, was not closed at press time.
The trust has a loan-to-value ratio of 56.2%, based on the rating agency's net cash flow (NCF) of the assets and a capitalization rate of 6.00%, the rating agency said.
Trimont is the master servicer on the deal, while KeyBank will be the special servicer, S&P said.
Oakbrook Center is considered a premier, open-air superregional shopping center in Oak Brook, a city located about 20 miles west of Chicago—although the mall does pull shoppers from as far away as the larger city. Green Street assigns a rating of A++ to the mall, which operates in a park-like setting, according to S&P.
AMC, Crate & Barrel, Louis Vuitton and Zara are among the shopping center's largest tenants. In terms of business, sales at the property were $1.2 billion in the trailing 12 months that ended in May 2026, up $673 million in 2019, S&P said.
In-line sales per square foot were $1,561 in the trailing twelve months that ended May 2026, up 53.5% from $1,017 per square foot in 2019, S&P said.
Aside from the luxury quality large stores and in-line merchants, the setting includes community event areas, fountains and green spaces throughout, S&P said.
