Recent 6-Year Lease Extension with Annual Increases
– Athletico recently signed a new lease extension, casting out their base term to 2031.
– Commencing in year 3 of the lease, there are 1.50% annual increases in rent, providing a good hedge against inflation.
– In addition to the 6-year lease extension, there are two additional five-year options to extend.
– There is additional income from McDonald’s next door, which has been paying for additional parking since the beginning of the lease in 2012.
Outparcel to Planet Fitness (315,000+ Annual Visitors) and Goodwill (73,000+ Annual Visitors) Anchored Center
– Planet Fitness and Goodwill act as anchor tenants, consistently attracting a large volume of customers on a daily and weekly basis. Outparcels directly benefit from this consistent customer flow, gaining exposure to a diverse range of potential customers who may not have otherwise visited.
– The subject property is strategically located along highly trafficked Main Street, making it highly visible and easily accessible to passing traffic and those entering the center. This prime positioning attracts the attention of passersby and allows for convenient stops without requiring customers to navigate the larger shopping center interior.
Down the Street to Brand New Redevelopment with Ross Dress for Less, Marshalls, and Five Below
– East Court Village is a 405,000-square foot shopping center with numerous national tenants.
– Ross Dress for Less, Marshalls, and Five Below are currently under construction and opening in the fall of 2025.
– Tenants already within the center include: Hobby Lobby, Tractor Supply, Aldi, Starbucks, Petco, and more.
Pekin is Located Within the Peoria MSA
– 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.
