In August 2024, we and our investors acquired Gateway Plaza, a 14,449 square foot value-add retail/service center in East Peoria, IL. The property is presently 21% vacant and includes a multi-tenant building with suites ranging from 1,499 to 4,500 square feet, as well as a free-standing Arby’s restaurant with a drive-thru. We acquired the property without debt.

We believe the asset has been underserved from a leasing and management standpoint, its rents are relatively low, and with the requisite attention and funds, the vacancy presents an opportunity to add value.

In addition to getting to work on leasing, we will immediately address deferred maintenance items and upgrade the center’s appearance.