Town and Country Shopping Center, the oldest shopping facility in Springfield, has a new owner.

Larkspur Properties, a real estate investment firm based in Miami, Florida, had the winning bid for the facility, paying over $6 million to buy the shopping center through an auction run by Irvine, California-based commercial real estate transfer exchange Ten-X.

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Bidding for the property began at $1.6 million and two parties, including Larkspur, made active bids towards the end of the five-day auction Tuesday.

"This bidding reflects well on Springfield," said Ward 7 Ald. Joe McMenamin. "The out-of-town bidder sees the opportunity on the MacArthur Boulevard corridor, and we can expect an energetic and strategic buyer to make significant enhancements to Town and Country Shopping Center."

The property had been owned by a series of bondholders going by the name "South MacArthur Boulevard LLC." The bondholders will transfer their shares over to Larkspur once the deal is finalized.

Town and Country opened in September 1961, the first shopping center of its kind in Springfield. In recent years, the property has fallen on hard times with tenants and anchors such as Burlington Coat Factory closing and moving to other locations within Springfield.

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Currently, the property holds a Chuck E. Cheese pizza and play center, the Illinois State Board of Elections office, Dollar Tree and Citi Trends stores, as well as the Hibachi Grill Supreme Buffet restaurant.

The property is seen as having potential due to its prime location along MacArthur Boulevard, with proximity to Interstates 55 and 72, good housing and schools and a Hy-Vee grocery store across the street to the north.

Reporter Steven Spearie contributed to this story. Contact Zach Roth: (217) 899-4338; ZDRoth@gannett.com; @ZacharyRoth13

This article originally appeared on State Journal-Register: Town and Country Shopping Center in Springfield sold to Miami firm