{"id":1004726013,"date":"2024-08-22T01:32:09","date_gmt":"2024-08-22T09:32:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004726013"},"modified":"2024-08-22T01:33:35","modified_gmt":"2024-08-22T09:33:35","slug":"mid-america-arranges-sale-of-illinois-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mid-america-arranges-sale-of-illinois-shopping-center\/","title":{"rendered":"Mid-America Arranges Sale of Illinois Shopping Center"},"content":{"rendered":"\n<p>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 <em>The Peoria JournalStar<\/em>. The Tabani Group bought the asset for $15.4 million, with help from an $11.6 million loan from Frost Bank, public records show.   <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Rice-Lake-Square-e1718200026805.png\"><img loading=\"lazy\" decoding=\"async\" width=\"555\" height=\"417\" data-attachment-id=\"1004717046\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/core-acquisitions-pays-34m-for-chicago-area-shopping-center\/rice-lake-square\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Rice-Lake-Square-e1718200026805.png\" data-orig-size=\"555,417\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Rice Lake Square\" data-image-description=\"&lt;p&gt;Completed in 1988, Rice Lake Square comprises nine buildings spread on some 27 acres. Image courtesy of Mid-America Real Estate Corp.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt; Rice Lake Square comprises nine buildings spread on some 27 acres. Image courtesy of Mid-America Real Estate Corp.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Rice-Lake-Square-e1718200026805.png?w=555\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Rice-Lake-Square-e1718200026805.png\" alt=\"Exterior shot of Rice Lake Square.\" class=\"wp-image-1004717046\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Rice-Lake-Square-e1718200026805.png 555w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Rice-Lake-Square-e1718200026805.png?resize=300,225 300w\" sizes=\"auto, (max-width: 555px) 100vw, 555px\" \/><\/a><figcaption class=\"wp-element-caption\">Mid-America Real Estate also brokered the transaction of Rice Lake Square, a 251,584-square-foot shopping center in Wheaton, Ill. <em>Image courtesy of Mid-America Real Estate Corp.<\/em><br><\/figcaption><\/figure><\/div>\n\n\n<p>Schnucks Market shadow-anchors the property, while the tenant roster shows a diverse mix including Hallmark, JoAnn, Sushi Ko, Noodles &amp; Co., Sunrise Health Foods, PNC, Great Clips, Merle Norman, Holmes Shoes, Le Bakery, Roger Burke and 50\u2019s Diner, among others.<\/p>\n\n\n\n<p>Located at 4700 N. University St., Metro Centre is near Route 50 and Interstate 74, which allow easy access to downtown Peoria.<\/p>\n\n\n\n<p>Principal &amp; Managing Broker Ben Wineman of Mid-America\u2019s 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 <a href=\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-sells-chicago-area-retail-asset\/\">value-add neighborhood center<\/a> in Naperville, Ill. Northpond Partners purchased the asset from DRA Advisors.\u00a0<\/p>\n\n\n\n<p>Last month, Core Acquisitions purchased <a href=\"https:\/\/www.commercialsearch.com\/news\/core-acquisitions-pays-34m-for-chicago-area-shopping-center\/\">a 251,584-square-foot shopping center<\/a> in Wheaton, Ill., in a deal brokered by Mid-America. The new owner paid $34.2 million for the property in the Chicago area.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A family business for more than 50 years, the Peoria property traded for $15 million.<\/p>\n","protected":false},"author":3014,"featured_media":1004717046,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,13,21742,21749],"tags":[36646],"class_list":["post-1004726013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midwest","category-latest","category-retail","tag-mid-america-real-estate-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mid-America Arranges Sale of Illinois Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Mid-America Real Estate Corp. has brokered the sale of Metro Centre, a 166,290-square-foot retail center in Peoria, Ill.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mid-america-arranges-sale-of-illinois-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mid-America Arranges Sale of Illinois Shopping Center\" \/>\n<meta property=\"og:description\" content=\"Mid-America Real Estate Corp. has brokered the sale of Metro Centre, a 166,290-square-foot retail center in Peoria, Ill.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mid-america-arranges-sale-of-illinois-shopping-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-22T09:32:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-22T09:33:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Rice-Lake-Square-e1718200026805.png\" \/>\n\t<meta property=\"og:image:width\" content=\"555\" \/>\n\t<meta property=\"og:image:height\" content=\"417\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mid-america-arranges-sale-of-illinois-shopping-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mid-america-arranges-sale-of-illinois-shopping-center\/\",\"name\":\"Mid-America Arranges Sale of Illinois Shopping Center - 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