Mid-America Arranges Sale of Illinois Shopping Center
Metro Centre, a 166,290-square-foot retail property in Peoria, Ill, has traded. Mid-America Real Estate Corp. brokered the transaction, working on behalf of the seller. The property has been family-owned for a little over half a century and was last run by Eric Brinker, the grandson of the initial owner, according to The Peoria JournalStar. The Tabani Group bought the asset for $15.4 million, with help from an $11.6 million loan from Frost Bank, public records show.
Schnucks Market shadow-anchors the property, while the tenant roster shows a diverse mix including Hallmark, JoAnn, Sushi Ko, Noodles & Co., Sunrise Health Foods, PNC, Great Clips, Merle Norman, Holmes Shoes, Le Bakery, Roger Burke and 50’s Diner, among others.
Located at 4700 N. University St., Metro Centre is near Route 50 and Interstate 74, which allow easy access to downtown Peoria.
Principal & Managing Broker Ben Wineman of Mid-America’s Investment Sales Group brokered the deal. The firm also recently closed on several other retail transactions in the wider area, including the sale of Iroquois Center, a 108,412-square-foot value-add neighborhood center in Naperville, Ill. Northpond Partners purchased the asset from DRA Advisors.
Last month, Core Acquisitions purchased a 251,584-square-foot shopping center in Wheaton, Ill., in a deal brokered by Mid-America. The new owner paid $34.2 million for the property in the Chicago area.
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