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Portion of this Peoria shopping center sold at auction for over $1 million

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Portion of this Peoria shopping center sold at auction for over million

A limited liability company based out of Schaumburg has purchased a portion of Peoria’s Evergreen Square shopping center in a million-dollar deal.

Peoria County property records from July indicate that Peoria Investments LLC, a group with a Schaumburg address, bought an 81,000 square-foot portion of the shopping center for just over $1 million from Rialto Capitol Advisors, a Miami-based firm who bought the property in 2022.

The property was put up for auction in April through Michigan-based commercial firm Friedman Real Estate, with an initial bid for the property set at $500,000. The auction was held in early May.

More: After setbacks, local business on the cusp of opening in Evergreen Square in Peoria

The new owners will be tasked with trying to find tenants for their portion of the shopping center, which has just two major national tenants – Dollar Tree and H&R Block – and only 16% occupied when it was put up for sale.

One positive noted by Friedman when starting the auction was 67,000 square feet available to be immediately leased, with potential retail, office, auto repair and mixed-use opportunities available. In addition, the property was deemed to be well-suited for potential redevelopment.

Evergreen Square opened in 1983, with the full property completed in 1985. It is split up into several different parts for tax purposes, with Kroger, CubeSmart Storage and Oak Street Health Clinic all in areas separate from the one up for auction.

More: Work is being done at this Peoria shopping center. Here’s what we know about the project

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