Hy-Vee Shopping Center
Peru, IL | 50 Acres | Investment, Development
A 50-acre signed zoned commercial in a TIF district was targeted for retail development. Hy-Vee grocery, a potential anchor, was interested in buying land for their own store.
A sale to Hy-Vee with a reciprocal easement for development of the entire 50 acres was negotiated. The land plan included outlots and covenants on height, density and architectural details were negotiated. Hy-Vee opened a 65,000 SF store; four outlots were sold; and a 23,000 SF multi-tenant building was leased and sold.