Former Sears building in Peru for auction again, available for $350,000 bid

The former Sears building at 1607 38th St. in Peru once again is up for auction after the private investor who won the bid didn’t complete the deal.

The investor from Tracy, California, made the initial bid for $350,000 before purchasing the property for $1.5 million in May, less than a week after the city announced that it was up for auction.

“I believe there’s still an excellent opportunity for an investor to turn the Sears location into an attractive, profitable location for a retailer and our city.”

—  Peru Mayor Ken Kolowski

Peru Mayor Ken Kolowski said it’s unfortunate that the first deal fell through, but there still are possibilities for the property.

“I believe there’s still an excellent opportunity for an investor to turn the Sears location into an attractive, profitable location for a retailer and our city,” he said.

Peru Economic Development Director Bob Vickrey said Crexi, the commercial real estate site, has removed the investor from doing business on its site.

The one-story, 98,858-square-foot vacant building built in 2001 is located on 8.4 acres with ample parking for 2,491 vehicles, according to the auction site.

“Situated near major retail giants such as Menards, Big Lots, Hobby Lobby, Target, Hy-Vee and The Home Depot, this property is perfect for large retailers and automotive businesses,” according to the auction site. “With a daily traffic count of 22,100 vehicles, it offers unparalleled exposure and footfall potential.”

The Sears at Peru Mall closed in October 2017.

The auction begins Sept. 9. For information about the Sears property, visit crexi.com/properties/1418204/illinois-89k-sf-former-sears-redevelopment-opportunity-on-84-acres.