'Well-located' East Peoria shopping center sold for $2.6 million

‘Well-located’ East Peoria shopping center sold for $2.6 million

Posted by author September 12, 2024 Shopping

‘Well-located’ East Peoria shopping center sold for .6 million

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The recent purchase of Gateway Plaza by a Chicago private equity group does not seem to mean any immediate changes for the shopping center’s tenant stores.

Gateway Plaza is a 14,479-square-foot retail strip center located on a 2.46-acre lot at 101 River Road, East Peoria, near Walmart. Built in 2002, the shopping center’s anchor store is Sherwin Williams. Other tenants include T-Mobile and Sports Clips. The property also includes an Arby’s franchise housed in an adjacent standalone building.

Chris Garavaglia, a vice president for the commercial real estate brokerage firm Marcus and Millichap, indicated the new ownership group intends to maintain the existing tenants and renovate the property to attract new tenants. Marcus and Millichap facilitated the $2.6 million purchase from the Morton-based firm Beltone Plaza, LLC.

“Gateway Plaza provides the new ownership group an opportunity to acquire a well-located, hard corner retail center with an attractive value-add opportunity through lease-up of the two vacant suites,” Garavaglia added.

City of East Peoria director of planning and development Ty Livingston said Gateway Plaza is in a high-visibility location for traffic entering the Riverside commercial area from I-74 and IL-40.

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“From the city’s perspective, we look forward to new commercial property owners to see what improvements they will make to the property,” Livingston said.