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Mirror Building fetching $650,000

Posted by wlpo on June 30, 2010

A storefront that was once a men’s clothing shop will likely be the new home of an insurance agency.

Mitchell Kahl of The Phoenix Group is offering the City of Peru $650,000 for the Mirror Building, $60,000 more than its appraised value.

The city council Wednesday night approved a resolution to authorize the sale of the building.

Larry Bianchi with Janko Realty and Development says Kahl owns agencies in several different states.  The Phoenix Group already has an office on Progress Boulevard in Peru.  Bianchi says Kahl will own the building and rent it to his company.  The first floor will be used for the insurance agency while the second floor will be used as a technology center for training employees.  The third floor would be unused, available for lease.

The building will be paid back in five years at 5% interest.  There’s a 10% down payment.  It’s expected to close by the end of August.

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