Advance Auto Parts | RARE Absolute NNN Lease
10% Rent Increase in 2028
Marketing description
West Peoria is strategically positioned within the greater Peoria metropolitan area, a stable Central Illinois economic hub anchored by healthcare, education, manufacturing, and logistics. The city benefits from immediate access to major regional thoroughfares including I-74 and IL Route 6, which connect West Peoria to downtown Peoria, surrounding residential neighborhoods, and the broader Tri-County market. This central location provides retailers with consistent daily traffic from both local residents and commuters. The Peoria MSA's diversified employment base, led by major medical institutions, Bradley University, and a long-standing industrial presence, supports steady consumer spending and helps insulate the market from extreme economic volatility. Ongoing reinvestment in the urban core and nearby medical districts continues to reinforce long-term demand drivers throughout the trade area.
Retail in West Peoria is supported by dense surrounding residential neighborhoods and proximity to established commercial corridors that serve both convenience-oriented and service-based retail uses. The market favors necessity retail, neighborhood shopping, and experiential concepts that cater to recurring consumer needs, creating a resilient demand profile even during economic cycles. Limited new retail supply and relatively high barriers to large-scale development enhance the value of existing retail locations, particularly those with strong visibility and access. For investors, West Peoria offers an attractive balance of stability and yield, combining predictable tenant demand with long-term relevance in a mature, supply-constrained Midwestern market. The area's consistent fundamentals and strategic positioning within the Peoria metro make it well-suited for retail investment focused on durable cash flow and downside protection.
Investment highlights
- Advance Auto signed a brand new 15-year lease in 2020, confirming their commitment to the location and market
- RARE Absolute NNN lease for Advance Auto Parts
- Attractive 10% rent increase in 2028 (cap rate increase to 7.70%, assuming a purchase at list price)
- ±7.50-Years remaining on the base term of an initial 15-year lease
- ±17,400 Vehicles daily in front of the store along Western Avenue
- 5-Mile population of ±118,546 residents
- "Do it Yourself" demographics based on an average household income of $78,815 annually
- Positioned within a thriving retail corridor surrounded by national retailers including Wal-Market, Target, Walgreens, Dunkin, Dominos, and many more.
- West Peoria is centrally located in Peoria County along the Illinois River, offering convenient access to riverfront parks, recreational trails, and nearby outdoor amenities.
- Advance Auto Parts (NYSE: AAP) is one of the nation's largest automotive aftermarket parts providers, serving both professional installers and do-it yourself customers.
- Lease is corporate guaranteed by Advance Stores Company, Inc. (S&P Rated BB)
- Considered an essential retailer, Advance Auto Parts has maintained consistent operations and rent payments, including throughout the COVID-19 pandemic.
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