Market News

Bank of Springfield (BOS) Acquires Former Talbots Building in Bloomington, IL

BLOOMINGTON, Ill. — Bank of Springfield (BOS) has acquired the former Talbots retail property at 1515 E. Empire St. in Bloomington in an off-market transaction.

The seller was CBL Properties, owner of the Eastland Mall retail complex. The purchase price reflected a credit negotiated as part of the transaction following tornado damage sustained by the property.

BOS plans to redevelop the approximately 8,000-square-foot building into a permanent branch location. Renovations will include the addition of a drive-up banking lane and ATM, with the facility expected to open later this year.

BOS entered the Bloomington-Normal market approximately three years ago and has operated from a temporary location while evaluating long-term opportunities in the region. The acquisition secures a highly visible location along Bloomington’s primary commercial corridor and positions the institution for continued growth in Central Illinois.

Located near Eastland Mall, the former Talbots building benefits from strong traffic counts, established retail activity and regional accessibility. The project will return a vacant retail property to active commercial use through adaptive reuse and investment in the existing structure.

“BOS was looking for a permanent location that aligned with its long-term commitment to the Bloomington-Normal market,” said Meghan O’Neal-Rogozinski, CCIM of AXIS 360 Commercial Real Estate Specialists, who represented the buyer. “The opportunity to acquire this property off market, combined with its visibility and accessibility, made it an ideal fit for the bank’s expansion plans.”

Bank of Springfield (BOS) was founded in 1965 as a neighborhood bank on the southeast side of Springfield, Illinois.  BOS serves thirteen communities with locations in Illinois and Missouri. For a list of locations, services, and additional information, please visit bankwithbos.com.

About AXIS 360 Commercial Real Estate Specialists

AXIS 360 is a locally owned boutique real estate company with combined experience of close to forty years in commercial real estate brokerage. AXIS 360 is the culmination of extensive industry experience and strong relationships. AXIS 360 was founded on the principles of service and trust. Our brokers have decades of local commercial real estate knowledge and extensive professional networks. We take pride in our outstanding reputation in the Bloomington-Normal and surrounding McLean County community.