Value-Add Neighborhood Center with Cash Flow

Highlights:

• Cash-flowing neighborhood center offering a local and national tenant mix as well as a substantial lease upside in a high-demand submarket.
• Reachable from Highways 9 and 29 in under 5 minutes and Interstate 74, 474, and 155 in roughly 10 to 15 minutes, delivering strong regional traffic.
• Built-in customer base from nearby hotspots, including UnityPoint Health Hospital, Veterans Memorial Arena, and several highly rated golf courses.
• Hard-corner lot with three unique access points, high-exposure pylon signage visible to over 21,000 daily vehicles, and 129 on-site parking stalls.
• Just 1 mile from the Court Street Commercial Corridor, offering a wealth of traffic-driving restaurants, shops, art galleries, and public parks.

Description:

Realize the full potential of an income-producing neighborhood retail center with a performing mix of regional and national tenants at the Derby Shopping Center, positioned at 1001-1105 Derby Street in Pekin, Illinois. Currently 39% occupied by a convenience store operator, a public charity, a food retailer, and a national chain, Family Dollar, the property delivers stable cash flow with robust upside to lease the remaining vacancies and capture growing local rents.

Derby Shopping Center comprises a total of 43,835 square feet that was originally developed in 1966 on a 3.12-acre lot at the corner of Derby and S 10th Street. More than 6,700 vehicles pass by the property each day, and the facility is well-equipped to handle elevated traffic counts with prominent pylon signage, three unique access points, and abundant parking on-site for 129 vehicles. The site is easily accessible to customer traffic from across the region, reachable in just 10 to 15 minutes from Interstate 74, 474, and 155, with convenient proximity to Highway 9 and 29.

Investors in the Derby Shopping Center enjoy unmatched growth potential to lease the six vacant units, including the center’s 16,863-square-foot anchor space. Vacancies in the Outlying Tazewell County Retail Submarket sit at just 3%, with asking rents growing over 1.1% during the past 12 months, providing a high-demand environment to empower a new leasing strategy.

Derby Shopping Center is exceptionally positioned near Pekin’s key attractions and amenities that drive steady customer traffic. The property is ideally situated just 1 mile off the Court Street commercial corridor, offering a rich collection of national retail brands as well as quick access to the popular local shops and restaurants of downtown Pekin. The area benefits from proximity to UnityPoint Health Pekin Hospital, which has 107 beds and provides a consistent flow of visitors. Additional exposure is driven to the site from many highly rated nearby golf courses, including Sunset Hills Golf Course, Parkview Golf Course, Lick Creek Golf Course, and Pekin Country Club. Just 22 minutes away across the Illinois River, Peoria offers an added potential customer base, with a growing population of more than 111,000.

Discover the vibrant community surrounding the location, situated in the heart of Pelkin, IL. Stroll through charming streets lined with boutique shops and local eateries, offering a welcoming atmosphere for professionals and residents alike. Take a break at nearby Derby Park for a peaceful outdoor retreat during lunch or after work. The area is also home to renowned cultural destinations, including the Pelkin Art Gallery and the Pelkin Museum of History, offering enriching experiences for those who appreciate the arts. With convenient access to major transportation routes, the location seamlessly combines the tranquility of a suburban setting with the connectivity of an urban hub, making it an ideal destination for your office needs.

Documents: