JLL Capital Markets announced today that it has secured the $28.35 million sale of Empire Crossing, a 229,971-square-foot retail power center in Bloomington, Illinois.
JLL worked on behalf of the seller, Bet Investments. The buyer was Chase Properties.
Located at 1500-1608 E Empire St., Empire Crossing stands as the best retail power center within a 40-mile radius, making it the predominant destination for retailers entering the Bloomington-Normal market. The property features strong anchor tenants including Dick’s Sporting Goods, HomeGoods, Ashley Furniture HomeStore and DSW Shoe Warehouse, with 90 percent national tenancy across 24 suites.
BET Investments revitalized Empire Crossing through a transformative redevelopment that converted the long-vacant Kmart anchor into a dynamic, multi-tenant retail destination. By repositioning the space to welcome nationally recognized brands including Dick’s Sporting Goods, HomeGoods, Five Below and Carter’s/OshKosh, the seller reestablished Empire Crossing as a vibrant community shopping destination.
The redevelopment reactivated a significant anchor space, increased foot traffic and energized the tenant mix across the property. The renewed momentum not only strengthened the center’s overall performance but also sparked additional leasing activity, reinforcing Empire Crossing as a thriving retail destination.
Empire Crossing demonstrates exceptional tenant performance, anchored by the most foot trafficked Homegoods location in Illinois according to Placer AI.
Empire Crossing captures an expansive trade area, with 50 percent of visitors traveling over three miles to reach the center. The property sits strategically on Veterans Parkway and Empire Street, which see combined vehicle traffic of over 60,000 vehicles per day. The center draws from the entire Bloomington-Normal metropolitan statistical area of 170,000 population.
Currently 85 percent occupied, the property offers immediate value-add potential through 33,000 square feet of vacancy across eight suites. Recent leasing momentum includes three new leases totaling 32,000 square feet, featuring new tenants Painted Tree, Kobe Revolving Sushi Bar and Love It Nail Salon.
The five-mile demographics show a population of 130,141 with 55,092 households, average household income of $101,989 and total buying power of $5.5 billion.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Managing Director Michael Nieder and Director Brian Page.
