Mid-America arranges sale of Illinois shopping center

Metro Centre, a 15,000-square-foot retail property in Peoria, Illinois, has been sold. Mid-America Real Estate Corp. brokered the transaction on behalf of the seller. The property has been in the family for just over half a century and was most recently managed by Eric Brinker, the grandson of the original owner, according to The Peoria JournalStarAccording to public records, the Tabani Group purchased the property for $15.4 million, with the help of an $11.6 million loan from Frost Bank.

Schnucks Market is the property’s shadow anchor, while the tenant roster features 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.

The Metro Center is located at 4700 N. University St., near Route 50 and Interstate 74, which provide easy access to downtown Peoria.

Lead broker and managing agent Ben Wineman of Mid-America’s Investment Sales Group brokered the deal. The firm also recently closed on several other retail deals in the wider area, including the sale of Iroquois Center, a 108,412-square-foot, value-added neighborhood center in Naperville, Illinois. Northpond Partners purchased the property from DRA Advisors.

Last month, Core Acquisitions bought a 250,000-square-foot shopping center in Wheaton, Illinois, in a deal brokered by Mid-America. The new owner paid $34.2 million for the Chicago-area property.