PEORIA—Cities acrossthe Midwest have seen their downtown districts undergo at leastpartial transformations as an increasing number residents move intoformer office and warehouse properties. And Peoria, a mid-sizedcity in central Illinois, is no different.

The CivicCenter Plaza, for example, a 137,319-square-foot historicmixed-use building located in downtown Peoria, has just been soldfor $7.8 million, and the new owner plans to continue renovatingand converting portions of the tower into apartments, according toofficials from Chicago-based Triad Real EstatePartners, which brokered the sale.

The seller, localreal estate development and construction company BeckerConstruction Contractors, Inc., had a long history withthe building but was looking to take advantage of strong marketfundamentals in the investment sales market. The buyer was anundisclosed investment group based in New York andChicago.

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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.