Sunset Plaza
Multi-Tenant Retail | 9.23% CAP | Upside Potential
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to acquire the fee simple interest in Sunset Plaza located at 2910-2996 Court Street in Pekin, Illinois (the “Property”). The plaza contains twenty-eight (28) suites and is 74.00% leased to a mix of regional and local retailers and contains 59,982 square feet spread over two buildings on a 5.45-acre parcel. The majority of the leases call for the tenants to reimburse their pro-rata share of real estate taxes, insurance and operating expenses and provide attractive rent increases in the primary lease terms and renewal options (if applicable).
Sunset Plaza occupies a prime location at the signalized intersection of Valle Vista Boulevard and Court Street, the area’s primary commercial and commuter corridor. The Property offers excellent visibility, frontage, and access enhancing its presence within the established trade area. The Property is surrounded by national retailers and restaurants that drive traffic to the area and is seconds from schools, dense residential neighborhoods and several large employers providing a captive and built-in customer base.
In addition, Sunset Plaza offers efficient regional connectivity with quick access to IL Routes 9, 29 and 98, and US Route 24, supporting ease of travel throughout Pekin and the broader region, and providing quick access to Downtown Peoria, 12 miles to the north.
Investment highlights
THE ASSET: Sunset Plaza was constructed in 1975 and is improved by two buildings totaling 59,982 rentable square feet. Positioned on a 5.45-acre parcel, the Property is 74.00% leased to an attractive mix of local and regional retailers and service tenants. The Property enjoys outstanding frontage and visibility with four (4) points of access at a signalized intersection.
SIGNIFICANT UPSIDE POTENTIAL: Sunset Plaza is 74.00% leased to a complimentary mix of local and regional tenants and offers significant upside through the lease-up of six vacant suites (15,598 square feet). The vacant units range from 1,258 square feet to 4,166 square feet, offering a variety of unit sizes allowing more versatility when seeking new tenants.
ATTRACTIVE RENT INCREASES: The majority of the tenants have annual rent increases in their primary lease term and renewal options (when applicable), providing the investor with an attractive increase in revenue and hedge against inflation.
OPERATING EXPENSE PROTECTION: The majority of the tenants reimburse their pro-rata share of all operating expenses, including taxes, insurance, and common area maintenance, making it an attractive investment for the passive real estate investor.
STRATEGIC RETAIL LOCATION: Sunset Plaza is strategically positioned at the signalized intersection of Court Street and Valle Vista Boulevard, one of Pekin’s most heavily traveled commercial corridors. The Property benefits from outstanding visibility, extensive frontage, and convenient ingress and egress, reinforcing its prominence within the market’s established retail trade area. Surrounded by a strong concentration of national retailers, restaurants, schools, and densely populated residential neighborhoods, Sunset Plaza draws from a substantial and stable consumer base. The Property is also located near several major employers, providing consistent daily traffic and a built-in customer population. Regional accessibility is further enhanced by immediate access to Illinois Routes 9, 29, and 98, as well as U.S. Route 24, allowing for efficient travel throughout the Pekin market and convenient connectivity to the greater Peoria metropolitan area, including Downtown Peoria approximately 12 miles to the north.
PEORIA MSA: The Peoria MSA is one of central Illinois’ most important economic centers, supported by a diverse economy anchored by advanced manufacturing, healthcare, higher education, logistics, and professional services. Home to more than 400,000 residents the MSA serves as the commercial and employment hub for a broad multi-county trade area. The region is home to the headquarters of Caterpillar Inc., whose longstanding presence has fostered a deep network of engineering, manufacturing, technology, and supply-chain businesses throughout the market. Healthcare represents another major economic driver, led by OSF HealthCare, Carle Health, and University of Illinois College of Medicine Peoria, which collectively employ thousands and attract patients from across central Illinois. The region also benefits from a strong educational foundation provided by institutions such as Bradley University and Illinois Central College, helping sustain a skilled workforce and ongoing economic development. This diverse employment base, combined with a stable population, strong healthcare infrastructure, and regional commercial significance, continues to generate consistent demand for retail, office, industrial, and service-oriented real estate throughout the metropolitan area.
TRAFFIC COUNTS: Approximately 22,700 vehicles per day pass by the Property at the signalized intersection of Valle Vista Boulevard and Court Street.
DEMOGRAPHICS: More than 33,700 people live within 3 miles of the Property with an average household income of $88,469. Over 42,600 people live within 5 miles of the Property with an average household income of $92,574.
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