Skokie’s Village Crossing Shopping Center sells in landmark retail deal

In reportedly the largest Chicago-area retail deal in a decade, Skokie’s Village Crossing has sold for a record-setting $122 million, a spokesperson for Fairbourne Properties, LLC, the shopping center’s buyer, confirmed to Pioneer Press.

The more than 700-000-square-foot property located on West Touhy Avenue was formerly managed by Nuveen, one of Chicago’s largest asset-management firms known to be a frequent high-spending buyer of suburban shopping centers.

Fairbourne Properties closed on the deal at the end of August, the spokesperson confirmed, adding the northwest shopping center on the border of Niles and Skokie to its expansive retail investment portfolio.

Village Crossing’s acquisition looks to be the largest retail property sale since August 2016, when New York-based investor 601W Cos. purchased the retail portion of the landmark Sullivan Center for $147 million, per previous reports.

601W Cos. later purchased the office portion of the 15-story State Street building in 2017.

Representatives for Nuveen declined to comment on the sale of Village Crossing or on the price the firm previously paid to purchase the site.

The shopping center was formerly managed under multiple ownership groups before being consolidated to one shopping center under Nuveen, per previous reports.

Laura Faber, senior manager at Fairbourne Properties, said the company “previously managed the property on behalf of the seller” and was “very familiar with the asset.”

“Village Crossing aligns closely with Fairbourne’s investment strategy of acquiring high-quality, dominant assets in markets where retailers want to be.”

Faber added that the shopping center benefits from a “broad regional draw” and diverse tenant lineup to boot.

Current occupants for the shopping center include AMC Theaters, Dick’s Sporting Goods, Best Buy, Michael’s, Office Max, Barnes & Noble and Ulta Beauty.

According to Fairbourne Properties’ website, Village Crossing contains 69 current retailers and was first constructed in 1989.

“It offers the tenants you need without the hassle of navigating city traffic and parking,” Faber said.

“The location is irreplaceable, tenancy is there, it now needs aesthetic upgrades to unlock its full potential.”

While Faber said there are no current redevelopment plans slated for the property, Fairbourne intends to make a “meaningful capital investment” in Village Crossing to address maintenance issues and enhance the overall aesthetic appearance of the site.

The area has seen a number of prospective changes in recent years, including business executive Ron Gidwitz, and his son Scott Gidwitz’s proposal to add a nearly 500-unit, two-building apartment complex across the street from Village Crossing in 2022.

Those plans were later nixed by developers, in favor of a smaller development venture in the same location at 5440 Touhy Avenue, Skokie.