Tenants of the Metro Centre are uncertain after the sale, but hopeful

PEORIA (25News Now) – Metro Centre, one of Peoria’s most historic shopping districts, is changing ownership for the first time in 52 years.

The Metro Centre is located on University Street. It opened in 1971.

Tenants were recently notified of the sale in a letter from the new landlord/owner “T Peoria IL, LLC,” owned by the Tabani Group of Dallas, TX.

Former owner Eric Brinker issued the following statement:

“After 52 wonderful years, the time had come for our family to make the decision to sell Metro Centre. We look forward to seeing Metro continue to thrive for many years to come under new ownership. We are incredibly proud of what we have built, the relationships we have developed and the friendships we have made with our tenants over the years.”

It is unclear how much the property was sold for.

Some Metro Centre tenants said the business climate was not good before the handover, and several said their experience with Brinker made them concerned about their future plans.

“The trend is that more companies are leaving than wanting to come here,” said Matt George, co-owner of The Popcorn Shoppe. “So I hope this new company is really interested in revitalizing Metro Center, because 10 years ago it was the hottest place. Now we’re not getting people who want to be tenants. That’s sad.”

George and other tenants told 25News the terms of their leases were unfair in one area.

Some owners who made higher profits than the previous year had to pay an additional percentage of their additional income to Metro Centre, in addition to the basic rent.

“It’s always a little nervous. You wonder, ‘Oh, who are these new people coming in here?'” says Kevin Palermo, owner of LeBakery. “‘What are they going to change?’ Usually we hope it’s positive, not negative.”

25News reached out to the new owners to inquire about future plans for the mall, but did not receive a response.

George and Palermo said they hope to attract new businesses that can host more social or community events.

Palermo said a meeting with owners and tenants will take place in the coming weeks.

“I really hope it’s important to the new owners because it will determine whether I stay or not,” George said.

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