Former Sears at Peru Mall sells for $1.5 million

The former Sears building at 1607 38th St. in Peru has a new owner, a private investor from Tracy, California.

The investor made the initial bid for $350,000 before purchasing the property for $1.5 million, Peru Economic Development Director Bob Vickery said. The city is unsure what his plans for the location are at this point.

The city announced that the property was up for auction Monday on its Facebook page. The closing of the property will occur May 30, according to the auction site.

The vacant one-story, 98,858-square-foot building, built in 2001, closed in October 2017.

Mayor Ken Kolowski said he was happy someone was willing to invest $1.5 million into the community, and although the community will have to have patience, he is hopeful the purchase will have a positive economic influence.