Triad Real Estate Partners has completed the sale of Civic Center Plaza, a 137,319-square-foot historic mixed-use building located in downtown Peoria.
The property was originally constructed in 1911 as an office building. Recognizing the growing demand for apartments in the downtown area, the sellers began converting floors of the building to residential in 2004. Seven floors of the building now feature 116 apartments while five floors remain commercial space.
Triad was given the assignment in March of 2013. The buyer, an investment group based in New York and Chicago, was sourced within the first week of marketing and was eager to add to their Midwest portfolio. 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.
Civic Center Plaza has posted an average occupancy of more than 95 percent. The new owner plans to continue renovation and conversion of office floors to apartments.
