Peru Mall Former Sears Box

Highlights:

• Prime Retail Center of Gravity: The Property is located in the heart of the Peru’s main retail corridor just off the interchange of I-80 and Hwy 251 (26,000 VPD & 12,600 VPD). Peru Mall generates significant traffic in a corridor with over 1.7 million square feet of retail home to national retailers including Hy-Vee, Home Depot, Target, Walmart, Marshalls, Hobby Lobby, PetSmart, Menards, Ollie’s Bargain Outlet, Kohl’s, O’Reilly Auto Parts, Chipotle Mexican Grill, and more.
• Situated within Peru Mall: The Property is situated within Peru Mall, home to national credit tenants such as Marshalls and AMC Theaters. With over 15 tenants, the mall serves as a prominent retail destination for consumers in the area. Having over 1.2M visits in 2024, the mall continues to obtain high volumes of shoppers, drawing the attention of many retailers in the area.
• Flexible REA & Zoning Ordinance: The REA agreement for the Vacant Sears at Peru has expired, thus allowing for future investors and developers the flexibility to maximize the value of the space with no restrictions. The property is zoned as a B-2 classification which allows for a greater range of retail shopping and financial services than in the B-1, Neighborhood Shopping District.
• Free and Clear: This property is being offered free and clear of any existing debt obligations. This enables investors to structure their capital requirements according to their needs.
• Sales Terms The vacant Sears Box is being offered without an asking price on an “as-is” basis, with ownership making no representation or warranties concerning the accuracy or completeness of the offering memorandum or any and all documents delivered to an acquisition prospect for the purpose of performing due diligence.

Description:

CBRE is pleased to present, as the exclusive advisor, the opportunity to acquire a 100% fee simple interest in the former Sears at Peru Mall. The Property is on ±8.38 acres with a ±98,858 square foot, single-story, former Sears building connected to the south end of Peru Mall. Located in the city of Peru, Illinois, the vacant Sears box presents a unique opportunity for future investors to acquire and re-tenant the existing building and to contribute to the growth and stability of Peru Mall.

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