OFFERING SUMMARY:

PRICE: $2,788,000
CAP RATE: 8.25%
BUILDING SIZE: 49,540 Sq Ft
NOI: $230,012
YEAR BUILT | RENOVATED: 1940-1980 | 2023
LOT SIZE: +/- 1.94 Acres

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HIGHLIGHTS:

  • Recent Building Expansion – Goddard Logistics, Inc (71% of GLA) – Goddard Logistics recently exercised a clause in their lease to expand from Unit 1, into Unit 2 and 3. With this recent space expansion, it is clear the level of commitment Goddard has towards the building. Goddard Logistics now occupies more than 71% of the gross leasable area of the building.
  • Long Term Leases with Uncapped Annual CPI Increases for all Tenants  The subject property benefits from long term leases, with roughly 80% of the GLA not expiring until 2028. All tenants are on NNN leases and reimburse in full for common area maintenance, real estate taxes, insurance and management fee. In addition the passive nature of the property, all leases have uncapped annual CPI increases, which is a tremendous opportunity to grow an investors return over a relatively short period of time.
  • Adjacent to The Levee District in East Peoria – The Levee District is a vibrant mixed-use center and a major shopping destination for the greater Peoria area. Located at 400 West Washington Street, The Levee District is home to anchor retailers Target, Costco, Slumberland Furniture, Ulta and Ross Dress for Less. The Levee District, draws over three million visitors annually. 
  • Peoria is the Largest City on the Illinois River – The Peoria metropolitan area is the third largest metro area in Illinois with a population of more than 379,000 and a trade area of 750,000. Peoria is the largest city on the Illinois River and the principal city of the Peoria metropolitan area, consisting of five counties, including Marshall, Peoria, Stark, Tazewell, and Woodford.

EXCLUSIVELY LISTED BY:

DOMINIC SULO
Senior Managing Director Investments
Senior Director, Net Lease Properties Division
(630) 570-2171
dominic.sulo@marcusmillichap.com

ILLINOIS BOR
Steven Weinstock
Lic #471.011175