Shopping Strip
Knoxville Plaza
2004 Knoxville Ave, Peoria, IL 61603
Listing Price: $3,059,000
Investment Overview
Marcus and Millichap is pleased to present for your acquisition review the Knoxville Plaza in Peoria, Illinois.
The 23,856 square foot multi-tenant retail center is positioned on about 1.42 acres. Knoxville Plaza has excellent exposure along the heavily trafficked Knoxville Avenue, with Starbucks, McDonald’s, Dunkin, Burger King, Popeyes, Taco Bell and Long John Silver’s all within a quarter-mile from the center. The Plaza benefits from direct and immediate on and off ramp access to Interstate 74, which sees more than 50,000 cars per day at the Interstate 74 exit to Knoxville Avenue. The Interstate feeds south across Peoria Lake into East Peoria, which is a dense retail and industrial corridor home to Walmart, Lowe’s, Bass Pro Shops, Target, Costco, Kroger, Kohl’s, Caterpillar and United Facilities, Inc.
The OSF Saint Francis Medical Center is within walking distance to the Plaza and is a 669 bed, award-winning regional healthcare facility dedicated to providing world-class care. There are several single-family communities and multi-family complexes surrounding the property including the EMR Apartments (101 units), Stewarts Glen (150 units), and Parkview Estates (231 units). There are more than 126,000 residents and 105,000 employees that support the immediate trade area.
Knoxville Plaza is currently being offered at 100 percent occupancy, anchored by Arona Home Essentials, Rent-a-Center, Fitness 1440 and US Cellular. Over 97 percent of the gross leasable area is leased until at least 2027, providing almost zero nearby rollover risk for the future landlord. There are triple net leases in place for 88 percent of the gross leasable area as well. Fitness 1440 just signed a brand-new 10-year lease that commenced February 28, 2023. They have over 60 locations nationwide, and this location is operated by a franchisee that now has 8 locations and over 20 years experience in the fitness industry. Arona elected to extend their lease, three years early, in April 2022 illustrating their success and commitment to this location. MBD Real Estate occupies a 2,235 square foot space in the back of the building, and just signed a three-year extension, one year early, in May 2023. US Cellular occupies a 625 square foot space in the back of the building that is used as storage. There is additional income generated from the reciprocal easement agreement with G.M. Worsley as well as a Green Zone recycling bin located in the parking lot.
A new roof was installed in December 2022, with a 20-year transferable roof warranty. There were two new HVAC units installed in April 2023 for Fitness 1440, as well as a new unit for Rent-A-Center as well. The parking lot was recently resealed and striped, and all of the light bulbs in the parking lot were replaced with LED light bulbs.
Investment Highlights
- 100 Percent Occupied | 97 Percent of GLA is Leased until at least 2027 | 63% of the GLA has been Tenants for a Combined 35 Years
- New Roof in December 2023 (20-Yr Transferable Warranty) | Three New HVAC Units Installed in 2023 | Parking Lot Newly Resealed, Striped in April 2023 | All New LED Light Bulbs Installed in Parking Lot
- Projected Cash-on-Cash of 8.87% (Based on Debt Quote Received on 9.14.23 - 75% LTV, 6.39% IR, 30/5, Non-Recourse Debt)
- NNN Leases on 87 Percent of the GLA | Anchored by Rent-A-Center (NASDAQ: "RCII"), Arona Home Essentials (56 Locations in 11 States) and Fitness 1440 (60+ Locations)
- Brand-New 10-Year Lease Signed by Fitness 1440 in 2023 | Franchisee has Eight Locations | Personal Guaranty
- Walking Distance from OSF Saint Francis Medical Center | 669 Bed, Award-Winning Regional Healthcare Facility | Ranked in the Top 1 Percent Nationwide of General Medical Centers & Hospitals (via Placer.ai)
- Direct On/Off Ramp Access to Interstate 74 (50,000+ VPD) | 125,000+ Residents within Five Miles | Five-Mile AHI: $71,606
- 105,000+ Employees Support the Surrounding Trade Area
Listing Price: $3,059,000
Investment Highlights
- 100 Percent Occupied | 97 Percent of GLA is Leased until at least 2027 | 63% of the GLA has been Tenants for a Combined 35 Years
- New Roof in December 2023 (20-Yr Transferable Warranty) | Three New HVAC Units Installed in 2023 | Parking Lot Newly Resealed, Striped in April 2023 | All New LED Light Bulbs Installed in Parking Lot
- Projected Cash-on-Cash of 8.87% (Based on Debt Quote Received on 9.14.23 - 75% LTV, 6.39% IR, 30/5, Non-Recourse Debt)
- NNN Leases on 87 Percent of the GLA | Anchored by Rent-A-Center (NASDAQ: "RCII"), Arona Home Essentials (56 Locations in 11 States) and Fitness 1440 (60+ Locations)
- Brand-New 10-Year Lease Signed by Fitness 1440 in 2023 | Franchisee has Eight Locations | Personal Guaranty
- Walking Distance from OSF Saint Francis Medical Center | 669 Bed, Award-Winning Regional Healthcare Facility | Ranked in the Top 1 Percent Nationwide of General Medical Centers & Hospitals (via Placer.ai)
- Direct On/Off Ramp Access to Interstate 74 (50,000+ VPD) | 125,000+ Residents within Five Miles | Five-Mile AHI: $71,606
- 105,000+ Employees Support the Surrounding Trade Area
Investment Overview
Marcus and Millichap is pleased to present for your acquisition review the Knoxville Plaza in Peoria, Illinois. The 23,856 square foot multi-tenant retail center is positioned on about 1.42 acres. Knoxville Plaza has excellent exposure along the heavily trafficked Knoxville Avenue, with Starbucks, McDonald’s, Dunkin, Burger King, Popeyes, Taco Bell and Long John Silver’s all within a quarter-mile from the center. The Plaza benefits from direct and immediate on and off ramp access to Interstate 74, which sees more than 50,000 cars per day at the Interstate 74 exit to Knoxville Avenue. The Interstate feeds south across Peoria Lake into East Peoria, which is a dense retail and industrial corridor home to Walmart, Lowe’s, Bass Pro Shops, Target, Costco, Kroger, Kohl’s, Caterpillar and United Facilities, Inc. The OSF Saint Francis Medical Center is within walking distance to the Plaza and is a 669 bed, award-winning regional healthcare facility dedicated to providing world-class care. There are several single-family communities and multi-family complexes surrounding the property including the EMR Apartments (101 units), Stewarts Glen (150 units), and Parkview Estates (231 units). There are more than 126,000 residents and 105,000 employees that support the immediate trade area. Knoxville Plaza is currently being offered at 100 percent occupancy, anchored by Arona Home Essentials, Rent-a-Center, Fitness 1440 and US Cellular. Over 97 percent of the gross leasable area is leased until at least 2027, providing almost zero nearby rollover risk for the future landlord. There are triple net leases in place for 88 percent of the gross leasable area as well. Fitness 1440 just signed a brand-new 10-year lease that commenced February 28, 2023. They have over 60 locations nationwide, and this location is operated by a franchisee that now has 8 locations and over 20 years experience in the fitness industry. Arona elected to extend their lease, three years early, in April 2022 illustrating their success and commitment to this location. MBD Real Estate occupies a 2,235 square foot space in the back of the building, and just signed a three-year extension, one year early, in May 2023. US Cellular occupies a 625 square foot space in the back of the building that is used as storage. There is additional income generated from the reciprocal easement agreement with G.M. Worsley as well as a Green Zone recycling bin located in the parking lot. A new roof was installed in December 2022, with a 20-year transferable roof warranty. There were two new HVAC units installed in April 2023 for Fitness 1440, as well as a new unit for Rent-A-Center as well. The parking lot was recently resealed and striped, and all of the light bulbs in the parking lot were replaced with LED light bulbs.

