The Levee District in East Peoria trades for $21.05 million

CHICAGO, Sept. 17, 2025 – JLL Capital Markets announced today that it has arranged the $21.05 million sale of The Levee District, a 137,304-square-foot, open-air retail power center in East Peoria, Illinois.

JLL represented the seller, Cullinan Properties, Ltd., and procured the buyer, Chase Properties.

The Levee District sits on 11.06 acres at 322-470 West Washington St. in East Peoria. The property has a prime location with easy access to major interstates and draws from a trade area of more than 225,000 residents. As a super-regional retail destination, The Levee District is the most trafficked shopping center in a 50-mile radius with over four million annual visitors.

Developed in 2013, The Levee District consists of three buildings that are 94% leased, with best-in-class anchor tenants, including Ulta, Best Buy, Ross Dress for Less, and Boot Barn. The property is also shadow-anchored by Target, McDonald’s, Panera, Red Robin and more, which help drive visitors to the site.

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

"The Levee District is the best performing power center in the Peoria market," said Page.

"This opportunity attracted interest from a wide variety of groups and ultimately proved to be an excellent fit for Chase Properties, who is expanding their current portfolio of retail properties in the Midwest."

"We are seeing increased interest in best-in-class power centers, like The Levee District, in secondary markets," added Nieder. "Investors are drawn to the relatively attractive yields these assets offer at a basis well below replacement cost, combined with their durable cash flows."

“Cullinan has deep roots in the Greater Peoria Region, and we’re proud of what The Levee District has delivered for East Peoria,” said Diane Cullinan Oberhelman of Cullinan Properties. “This transaction is part of our ongoing strategy to recycle capital into our growth pipeline while continuing our long-standing partnerships here in the Greater Peoria Region and beyond. Our commitment remains strong—we look forward to supporting the district’s continued success under Chase Properties and to advancing future opportunities across the region.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Cullinan Properties is a leading provider of real estate services specializing in commercial and mixed-use developments and acquisitions. For more information, please visit: cullinanproperties.com.

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.