Harbert Management Corp. (HMC), an alternative asset manager, announced that it has acquired Village Crossing, a 722,466-square-foot grocery-anchored power center located at the intersection of Skokie and Niles, Ill., and Chicago. Fairbourne Properties is HMC’s joint venture partner in the investment and will continue to manage the property.
Village Crossing draws approximately 6.8 million visits annually and serves as the dominant retail destination for a dense and affluent trade area just north of Chicago. The property has an 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.
Business plans include leasing existing vacancy, with a focus on improving the tenant mix by targeting small-shop retailers and restaur
