Investment Overview

Marcus and Millichap is pleased to present for your acquisition review the Peoria Retail Plaza in Peoria, Illinois. The 23,856 square foot multi-tenant retail plaza is positioned on about 1.42 acres. Peoria Retail Plaza has excellent exposure along the heavily trafficked Knoxville Avenue. 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 and Kohl’s. The OSF Saint Francis Medical Center is within walking distance to the Plaza and is a 669 bed, award-winning regional healthcare facility. There are several single-family communities and multi-family complexes surrounding the property and there are more than 126,000 residents and 105,000 employees that support the immediate trade area. Peoria Retail 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 recently 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.