Gaslite Square Plaza

Highlights:

• NEW 5-YEAR LEASES - Cactus Mexican Restaurant signed a brand new 5-year lease in February 2024. Both Milan Liquor and Milan Laundromat will sign new 5-year leases at close of escrow. Noticeable strong tenant commitment to remain at this location.
• EXCELLENTLY MAINTAINED - Shanghai Chinese Restaurant underwent a brand new build within the past few years. Kathy Sue's spent nearly $100,000 on renovating their space. Most other tenants have brand new LED lights, electrical and HVAC units.
• HIGH TRAFFIC COUNTS - The immediate area sees over 22,000 vehicles per day from 10th Ave W (8,350), 4th St W (6,300) and 1st St W (7,600). Per Placer.ai, Happy Joe's reported 6,600 visits in March, Dollar General reported 6,500 visits and Hyvee reported 112,000 visits driving heavy foot traffic to the area.
• HEAVY RETAIL PRESENCE - This site shares its lot with national tenant Dollar General and is located directly next to KFC and AutoZone. Across the street are Hy-Vee, CVS, Walgreens and Dollar Tree. The plaza takes advantage of robust traffic counts from several shopping centers nearby.
• STRONG DEMOGRAPHICS - Solid population counts of 3,840 within 1 mile, 19,627 within 3 miles, 66,813 within 5 miles and 258,007 within 10 miles.
• LARGE EMPLOYERS CLOSEBY - XPAC, a large internet company with 3,000 employees and an annual revenue of $420.0M is up the street. John Deere Parts Distribution Center is a 2.5 million SF facility, one of the largest working warehouses in Northern America.
• ATTRACTIVE LOCATION - Milan is located near the Quad Cities of Illinois and Iowa. The Quad Cities metropolitan area is also considered part of the Great Lakes Megalopolis, and is the largest metropolitan area along the Mississippi River in Iowa and between Minneapolis–Saint Paul and the St. Louis metropolitan area.

Description:

Prime Net Lease is pleased to present the exciting opportunity to acquire a 10,790 SF 6 unit multi-tenant retail center, known as the Gaslite Square Plaza, located in Milan, IL. The tenant mix consists of retail-oriented tenants that conveniently serve customers in the nearby community and surrounding areas. Most of the tenants have been long term, reliable and who have continuously maintained their leases throughout the years, showing their strong commitment to the area and site itself. The plaza is located on one of Milan's busiest intersections with nearly 17,000 vehicles per day. This has attracted the plaza's newest tenant, Kathy Sue's, who spent nearly $100,000 on recent renovations. The site shares a parking lot with Dollar General, while directly next door are both KFC and AutoZone and across the street are Hy-Vee and CVS. Local and major national tenants closeby include Pizza Hut, McDonald's, Hardee's, Jimmy John's, Fazoli's, Target, Ross, Hobby Lobby, Dollar General, Walgreens and many others.

The site has quick access to US Hwy 92, I-280, I-74 & The Quad City Airport. Milan is home to the John Deere North American Parts Distribution Center, one of the largest warehouses in the world. In June of 2022, only six miles away in Davenport, Iowa, Fair Oaks Foods announced plans to construct a state-of-the-art food production facility. The $134 million investment includes a 150,000 square-foot facility in the Eastern Iowa Industrial Center and will create an estimated 247 new full-time jobs. The company plans to start operations in early 2024. Construction is anticipated to begin this summer on a 32-acre site near Interstate 80. This development is expected to have an annual economic impact of $182 million, making it the largest business attraction project in the region’s history.

Milan is a village in Rock Island County, Illinois. The village is located near the Quad Cities of Illinois and Iowa. The area consists of the cities of Davenport and Bettendorf in Iowa and Rock Island, Moline, and East Moline in Illinois, and their suburbs in northwest Illinois and southeast Iowa. The Quad Cities is located at the confluence of the Rock and Mississippi rivers, approximately 140 miles (230 km) west of Chicago, and forms the largest metropolitan area along the Mississippi River between Minneapolis–Saint Paul and the St. Louis metropolitan area. The Quad Cities Metropolitan Area consists of three counties: Scott County in Iowa, and Rock Island County and Henry County in Illinois. The Quad City metro population is 382,268. The Quad Cities Metropolitan Area is also considered part of the Great Lakes Megalopolis.

Milan, IL – A Strategic Village in the Quad Cities Industrial Corridor

Location & Accessibility
Milan, Illinois is a small but strategically located village in Rock Island County, positioned within the broader Quad Cities metro area that spans parts of both Illinois and Iowa. Located just minutes from downtown Rock Island and Moline, and approximately 165 miles west of Chicago, Milan enjoys direct access to major transportation routes including I-280, I-74, and US-67. Its proximity to the Mississippi River and regional freight networks makes it an important hub for manufacturing and distribution operations.

City Overview – Milan, IL
With a population of just under 5,000, Milan offers a small-town atmosphere while benefiting from its location near major urban and industrial centers. It serves as a residential and commercial node for the surrounding region and is home to the John Deere North American Parts Distribution Center, one of the largest facilities of its kind globally. This presence anchors the local economy and supports Milan’s role as a key logistics and employment center within the Quad Cities.

Demographics & Economy
Milan’s population is marked by stability and steady workforce participation, with a median age of around 36.5 years and a median household income of approximately $61,000. While the unemployment rate is slightly above the national average, the village benefits from its proximity to major employment centers in Rock Island, Moline, and Davenport. The local economy is supported by industries such as manufacturing, warehousing, transportation, and healthcare, with job growth projected to continue at a modest but consistent pace.

Commercial Real Estate Landscape
Milan’s commercial real estate market is closely tied to its industrial and logistics infrastructure. The area supports a mix of distribution centers, light manufacturing properties, and small-format retail, with relatively affordable entry points for investors. Its location within the Quad Cities logistics corridor continues to make it attractive to companies seeking efficient access to both regional and national markets.

Conclusion
Milan, IL offers a compelling blend of strategic positioning, industrial strength, and community affordability. Its role in the broader Quad Cities economy, coupled with access to major infrastructure and the presence of key employers, positions it as a practical and promising market for long-term investment and business growth in western Illinois.

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