Skokie-Niles Village Crossing Changes Hands In $122M Deal

SKOKIE, IL — Village Crossing, a grocery-anchored retail center at the intersection of Skokie, Niles and Chicago, has been sold for $122 million, according to an announcement from Harbert Management Corporation.

Harbert Management Corporation, or HMC, said it acquired the 722,466-square-foot power center with Fairbourne Properties as its joint venture partner in the investment. Fairbourne Properties will continue to manage the property.

The shopping center, built in 1988, is at 5601-5699 W. Touhy Ave. and includes Jewel-Osco, Best Buy, Dick’s Sporting Goods, AMC Theatres, Barnes & Noble, PetSmart, Ulta and Michaels. According to HMC, Village Crossing draws about 6.8 million visits each year and serves a trade area just north of Chicago.

The company described the center as having an established tenant base, with several anchors recently completing long-term renewals and making capital investments in their spaces.

The acquisition fits HMC’s retail strategy of buying regionally dominant retail centers and creating additional value, according to the announcement. The company said its business plan for Village Crossing includes leasing existing vacant space and improving the tenant mix by targeting small-shop retailers and restaurants favored by the local community.

“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.”

HMC said it also plans to modernize the property. The announced upgrades include work on façades and roofs, along with architectural features, lighting, wayfinding, tenant signage, landscaping and sidewalks.

HMC described itself as an alternative asset manager with about $7.8 billion in Regulatory Assets Under Management as of Aug. 31, 2026. Formed in 1993, the privately owned firm said it serves institutional investors across multiple asset classes, including seniors housing, European and U.S. real estate, power, growth capital and credit solutions.