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Harbert Management Corporation Acquires Skokie Grocery-Anchored Center
Harbert Management Corporation (HMC) has acquired Village Crossing, a 722,466-square-foot grocery-anchored power center located at the intersection of Skokie, Niles, and Chicago, Illinois.
Fairbourne Properties is HMC’s joint venture partner in the investment and will continue to manage the property. The property has a deeply established tenant base, anchored by legacy brands including Jewel-Osco, Best Buy, Dick’s Sporting Goods, AMC Theatres, Barnes & Noble, PetSmart, Ulta, and Michaels.
Anchor commitment has been reinforced by several recent long-term renewals and material capital investment by the anchors into their spaces. The acquisition is consistent with HMC’s retail strategy of acquiring regionally dominant retail centers and creating additional value.
“This transaction highlights our conviction in retail centers that anchor their surrounding trade area and carry strong value-creation potential,” said Todd Jordan, Managing Director, U.S. Real Estate at HMC. “We’re excited to partner with Fairbourne Properties and bring in tenants that further elevate the shopping experience for Village Crossing’s surrounding community.”
