September 2026 - Harbert Management Corporation Acquires Village Crossing, a Grocery-Anchored, Power Center in the Chicago MSA

BIRMINGHAM, Ala., September 9, 2026 -Harbert Management Corporation ("HMC"), an alternative asset manager, announced today that it 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.

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 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. Business plans include leasing existing vacancy, with a focus on improving the tenant mix by targeting small-shop retailers and restaurants favored by the local community, as well as modernizing the property by upgrading façade and roofs, architectural features, lighting, wayfinding, tenant signage, landscaping, and sidewalks.

"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."

About Harbert Management Corporation

HMC is an alternative asset manager with approximately $7.8 billion in Regulatory Assets Under Management as of August 31, 2026. Formed in 1993, the firm is privately owned and serves a variety of institutional investors across multiple asset classes. Investment strategies include seniors housing, European and U.S. real estate, power, growth capital, and credit solutions.

Media Contact: Ellie Stevens or Jansel Murad | Dukas Linden Public Relations | [email protected]