$28.35M sale of Empire Crossing retail power center closed in Bloomington, Illinois

CHICAGO, Feb. 23, 2026 –  JLL Capital Markets announced today that it has secured the $28.35 million sale of Empire Crossing, a 229,971-square-foot retail power center in Bloomington, Illinois.

JLL worked on behalf of the seller, Bet Investments. The buyer was Chase Properties.

Located at 1500-1608 E Empire St., Empire Crossing stands as the best retail power center within a 40-mile radius, making it the predominant destination for retailers entering the Bloomington-Normal market. The property features strong anchor tenants including Dick's Sporting Goods, HomeGoods, Ashley Furniture HomeStore and DSW Shoe Warehouse, with 90 percent national tenancy across 24 suites.

BET Investments revitalized Empire Crossing through a transformative redevelopment that converted the long-vacant Kmart anchor into a dynamic, multi-tenant retail destination. By repositioning the space to welcome nationally recognized brands including Dick's Sporting Goods, HomeGoods, Five Below and Carter's/OshKosh, the seller reestablished Empire Crossing as a vibrant community shopping destination.

The redevelopment reactivated a significant anchor space, increased foot traffic and energized the tenant mix across the property. The renewed momentum not only strengthened the center’s overall performance but also sparked additional leasing activity, reinforcing Empire Crossing as a thriving retail destination.

Empire Crossing demonstrates exceptional tenant performance, anchored by the most foot trafficked Homegoods location in Illinois according to Placer AI.

Empire Crossing captures an expansive trade area, with 50 percent of visitors traveling over three miles to reach the center. The property sits strategically on Veterans Parkway and Empire Street, which see combined vehicle traffic of over 60,000 vehicles per day. The center draws from the entire Bloomington-Normal metropolitan statistical area of 170,000 population.

Currently 85 percent occupied, the property offers immediate value-add potential through 33,000 square feet of vacancy across eight suites. Recent leasing momentum includes three new leases totaling 32,000 square feet, featuring new tenants Painted Tree, Kobe Revolving Sushi Bar and Love It Nail Salon.

The five-mile demographics show a population of 130,141 with 55,092 households, average household income of $101,989 and total buying power of $5.5 billion.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Managing Director Michael Nieder and Director Brian Page.

"Empire Crossing's position as the dominant regional power center in a major college town with strong anchor spacing and significant value-add potential made it an attractive acquisition for Chase Properties," said Nieder.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

BET Investments, a Bruce E. Toll Company, is an owner, developer, manager and leasing operator of mixed-use communities, suburban office buildings, retail centers, multifamily properties and flex office/industrial space across the United States. The firm’s portfolio has grown to more than 5 million square feet nationwide. Central to BET Investments’ continued success is the active involvement of its principals, Bruce E. Toll and Michael P. Markman, alongside an experienced team of professionals with expertise spanning acquisitions, development, property management, leasing, finance and law. BET Investments is committed to building strong communities and enhancing value across diverse real estate asset classes through disciplined execution and long-term ownership.

Chase Properties is a privately held real estate investment firm with a 52-year track record of acquiring and managing high-performing open-air shopping centers across secondary and tertiary markets in the U.S. With over $1 billion in assets under management, the firm has expanded its portfolio to include multifamily and industrial assets while maintaining a disciplined, investor-first approach. Chase Properties emphasizes long-term stability, consistent cash flow, and alignment with investors through significant co-investment. The Company currently owns 43 retail properties across 24 states.