Listed by Mid-America Real Estate, Mid-America Real Estate Corporation
$4,260,000
Metro Centre Outlots
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 57,368
Cap Rate 7.50%
NOI $319,524
Occupancy 65.7%
Tenancy Multi
Pro-Forma NOI $573,057
Price per SqFt $74
Buildings 5
Acreage 7.060
Parking Spaces 290 spaces
Parking per 1,000 SqFt 5.06
Investment Type Value Add
Retail | 7.50% CAP | 57,368 SqFt
Marketing description
Mid-America Real Estate Corporation has been retained on behalf of the owner to sell the 100% fee simple interest in Metro Centre Outlots, Peoria, IL. The offering represents a rare value-add opportunity to acquire 4 freestanding multi-tenant buildings and 1 freestanding single-tenant building positioned within Metro Centre, a historic community shopping center.
Investment highlights
- The subject offering presents an investor the opportunity to add an additional $261,000 of income by leasing up the remaining vacant spaces. Additionally, Nick 'n Willy's has a near-term expiration and is operating with a below market lease providing investors with the opportunity to grow cash flow significantly over the hold period. The property will trade significantly below replacement cost at the current asking price of $74.26 per square foot.
- The subject offering is shadow anchored by a traffic-driving Schnucks that receives over 649,100 annual visits (Placer.ai – May 2025 to April 2026). Schnucks is one of the largest privately held grocery store chains in the United States with a 2025 revenue exceeding $3.2 billion and operating 114 stores throughout Missouri, Illinois, and Indiana. According to Forbes' 2025 rankings, Schnucks ranks #185 largest privately-owned company in the United States. Schnucks has operated at this location since 1999 and signed a 10-year lease extension in 2023, furthering its commitment to this location (separately owned by Sentinel Net Lease).
- An investor has rare opportunity to acquire a shopping center is leased to a beneficial mix of local tenants providing service, health, and restaurant uses including Noodles & Company, Dog Haus, Sunrise Health Foods, Orthopedic Solutions, Freedom Chiropractic, The Queen of Squash, Peoria Camera, Nick 'n Willy's, Sushi Ko, All Ways Caring Home Care, and Alexander Travel. Over the last two years, the center has extended the following tenants: Alexander Travel (2-year extension), Freedom Chiropractic (3-year extension), Orthopedic Solutions (3-year extension), Peoria Camera (3-year extension), and Sushi Ko (10-year extension).
- The subject offering is strategically positioned in one of the most dense and strong demographic commercial areas of Peoria at the fully signalized intersection of University Street and Glen Avenue (combined 35,000 VPD). The subject offering features two pylon signs along University Street and Glen Avenue to accentuate its visibility. Regional accessibility is provided via an interchange with Interstate 74 (38,800 VPD) located one mile southwest, which serves as the main artery for commuters and consumers throughout the greater Peoria area.
- Given its position in the Peoria regional trade area, the subject offering has an expanded consumer base serving over 400,000 residents. The immediate surrounding area features a solid local profile with a residential population of 112,200 within a 5-mile radius and a corresponding average household income of $85,300. Every Monday-Saturday from May to October, Metro Centre hosts The Peoria Farmers Market at the 440-foot pavilion included in the subject offering, drawing an expanded customer base to the center. The Peoria Farmers Market was founded in 1977 to promote healthy eating and connect consumers with local farmers.
Listing Contacts
Listed by Mid-America Real Estate, Mid-America Real Estate Corporation
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$319,524.00
$26,627.00/mo
Valuation Metrics
0
DSCR
7.5%
Cap Rate
7.5%
ROI
Map
Zoning
C2 CommercialSpecial CommercialLarge Scale Commercial District
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View all 161 uses Last updated May 7, 2026 For deeper zoning details, reports are available at Zoneomics
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