Multi-Tenant Retail - Peoria, IL

5116 N Big Hollow Rd
Peoria , IL 61615-3511

Multi-Tenant Retail - Peoria, IL - Retail for sale

Overview


JLL is pleased to offer for sale the fee simple interest in a 10,260 square foot three-tenant retail center (the “Property” or “Asset”) located in Peoria, IL. The Asset is fully-leased to a roster of corporate tenants that includes Aspen Dental, Vitamin Shoppe, and All About Eyes. The Property is demised into three like-size retail bays and all three leases feature multiple upcoming renewal options with attractive rental increases in each. The newly constructed Asset features 15 years of primary lease term remaining, contractual rent growth at 10% every 5 years, and zero landlord obligations. The Asset possesses market-leading retail site fundamentals and features frontage along three roads and immediate proximity to Target, Lowes, Best Buy, PetSmart, and several other popular retail and restaurant tenants. Additionally, the Asset is just one mile from Northwoods Mall and Interstate-75.This offering represents the opportunity to purchase a fully-leased multi-tenant retail investment with exceptional tenant strength and a premium retail location within a economically robust Midwestern market.

Investment Highlights



POTENTIAL FOR SIGNIFICANT RENT AND TERM GROWTH

All three tenants are approaching their first option period and will have the opportunity to extend out their leases at generous rent increases .

CORPORATE TENANT ROSTER

The Asset features three NN leases backed by their respective corporate entities.

Aspen Dental and All About Eyes are attractive health service-based tenants resistant to internet retail and complimentary to Vitamin Shoppe.

DESIRABLE PEORIA LOCATION

Peoria is the largest city in Illinois outside of the Chicagoland MSA, benefitting from a diverse range of industries and a concentration of higher education institutions.

The Asset fronts Big Hollow Road, Glen Hollow, and War Memorial Drive, offering unmatched visibility to travelers entering and exiting the Glen Hollow Shopping Center and traveling along War Memorial (28,000+ VPD).

TERRIFIC RETAIL-CENTRIC LOCATION

Retailers immediately proximate to the Property include Lowes, Target (with internal CVS and Starbucks), PetSmart, Best By, Five Below, Barnes and Noble, and several popular restaurant chains.

The center benefits from frontage along three busy roads at the mouth of the primary entrance to Glenn Hollow (Target, Lowes, BestBuy, PetSmart).   

General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 5116 N Big Hollow Rd, Peoria, IL 61615-3511
Land In Acres 0.28
Building Size 10,260  ft2
Financial
Price $4,750,000
Cap Rate 7.56%
Current NOI $358,998.00
Lease

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