PEORIA—Cities across the Midwest have seen their downtown districts undergo at least partial transformations as an increasing number residents move into former office and warehouse properties. And Peoria, a mid-sized city in central Illinois, is no different.
The Civic Center Plaza, for example, a 137,319-square-foot historic mixed-use building located in downtown Peoria, has just been sold for $7.8 million, and the new owner plans to continue renovating and converting portions of the tower into apartments, according to officials from Chicago-based Triad Real Estate Partners, which brokered the sale.
The seller, local real estate development and construction company Becker Construction Contractors, Inc., had a long history with the building but was looking to take advantage of strong market fundamentals in the investment sales market. The buyer was an undisclosed investment group based in New York and Chicago.
The 12-story property was built in 1911 as an office building, but Becker saw the growing demand for downtown apartments, and began converting floors of the building to residential in 2004. The building now features 116 apartments on seven floors, of which 95% are occupied, while five floors remain commercial space.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
