Harbert Management Corporation has expanded its retail portfolio with the acquisition of Village Crossing, a grocery-anchored power center spanning 722,466 square feet. The open-air complex is positioned at the intersection of Skokie, Niles, and Chicago in Illinois, giving it reach across multiple established trade areas on the north side of the Chicago region.
Harbert Management Corporation completed the transaction in partnership with Fairbourne Properties, which is serving as its joint venture partner on the investment. Fairbourne Properties will continue to manage the property under the new ownership structure, providing continuity in day-to-day oversight and leasing efforts at the center.
Village Crossing is described as having a deeply established tenant base supported by a lineup of national and legacy brands that anchor the center. Key tenants include Jewel-Osco, Best Buy, Dick’s Sporting Goods, AMC Theatres, Barnes & Noble, PetSmart, Ulta, and Michaels. The mix of retailers, entertainment, and service offerings positions the property as a regional destination rather than a purely neighborhood-oriented center.
The anchors at Village Crossing have recently demonstrated ongoing commitment to the location. According to Harbert Management Corporation, several major tenants have executed long-term lease renewals, extending their presence at the property. In addition, anchors have made material capital investments in their stores and spaces, reflecting a willingness to reinvest in the center and support its long-term performance.
Harbert Management Corporation stated that the acquisition aligns with its retail strategy of targeting regionally dominant retail centers where it believes additional value can be created over time. The focus is on assets that play a central role in their surrounding trade areas and have the potential for operational or merchandising enhancements.
Todd Jordan, Managing Director, U.S. Real Estate at Harbert Management Corporation, said the transaction underscores the firm’s conviction in retail centers that anchor their local markets and offer strong value-creation potential. He added that the firm looks forward to working with Fairbourne Properties to introduce additional tenants aimed at elevating the shopping experience for the communities served by Village Crossing.
The acquisition of Village Crossing highlights ongoing investor interest in large-format, grocery-anchored retail properties with a long-standing tenant roster and recent reinvestment from anchors. While financial terms of the transaction were not disclosed, the scale of the center and the strength of its retailer lineup indicate that Harbert Management Corporation and Fairbourne Properties are committing to an established retail destination with embedded customer demand.
