Western Retail Advisors completed the $11.1 million sale of 83 Marketplace. Cavan Companies developed the newly built Class A retail center that spans three buildings at the corner of 83rd Avenue and Happy Valley Road in Peoria.
The buyer is a Seven Brothers Burgers franchisee who will locate a Seven Brothers restaurant concept in the corner of the center. Seven Brothers joins a list of existing tenants at the 20,000-square-foot 83 Marketplace, including Bourbon & Bones, The Stetson Social, F45 Training, Herbal Nail Bar, Salon Blissful, and Heartland Dental.
Western Retail Advisors brokers Brian Gausden and Jake McClaughry represented the Cavan Companies in the sale. Scott Johnson of Omni Commercial represented the property buyer.
Western Retail Advisors is also marketing a Phase 2 parcel for the project. The 4.27-acre site sits immediately east of the three complete Phase I buildings. It has a listing price of $4.75 million. Building plans for a 11,519-square foot Building 4 and a 10,195-square foot Building 5 are approved through the City of Peoria.
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The post Peoria Retail Center Flips for $11M appeared first on Connect CRE.
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