Washington Plaza Shopping Center | Value-Add 2273 Washington Rd 98,879 SF 77% Leased Retail Building Online Auction Sale Washington, IL 61571
INVESTMENT HIGHLIGHTS
- High-Yield Retail Asset with Value-Add Upside: 98K+ SF shopping center on 12.59 acres. Currently 70% leased, offering significant lease-up potential.
- Institutional Grade Co-Tenants: National brands include AMC Theaters, Dollar General, and Papa John's, ensuring consistent foot traffic.
- Enterprise Zone and TIF Incentives: Up to 20% cost reimbursement for qualified improvements or development, along with real estate tax freeze
- Anchor Tenant: Learning Care Group(Childtime): Credit-grade tenant backed by Learning Care Group. Lease extends through 2031 with 18K SF leased.
- Two City Approved Shovel Ready Out Lot Pads: 4500K SF with drive thru along Route 8 and up to 30K SF along Summit Rd.
- Post-COVID Leasing Recovery Upside: 90% Occupancy pre-COVID. Stabilized pro-forma NOI at 90% occ. exceeds $540K, offering clear path to higher returns
EXECUTIVE SUMMARY
Discover an exceptional investment opportunity at Washington Plaza Shopping Center featuring premier value-add potential through realizing stabilized lease-up to pre-covid levels and selling or developing the out lots. The 98,879-square-foot center is equipped with 22 total retail spaces ranging in size from 700 up to 28,000 square feet. Built in 1970 and meticulously maintained over the years, the center is ready for new ownership. The property sits on 12.59 acres with excess parking and excess land providing for additional development without affecting the existing tenants.
At approximately 70% occupied, there is a synergistic on-site tenant mix of both national and local retailers. Big names Papa John's, AMC Theatres, and Dollar General draw consumers to the center. Smaller, more local retailers include a martial arts center, nail salon, alterations, the public library, a childcare center, and a fitness center. Buyers have an exceptional opportunity to lease vacancies at market rates and also restructure current leases to maximize the net operating income.
This asset benefits from its prime location within Washington. Washington Road is a major thoroughfare and retail corridor for this suburban area. The road is dotted with both local and national companies such as Kroger, Taco Bell, Dunkin’, and many hotels. US 24 and Interstate 74 connect the asset to the suburbs and Peoria and East Peoria for amenities and jobs.
Washington is a major draw for investors as it exudes small-town charm with the bonus of big-city access just 10 miles away from Peoria. Peoria is home to many large employers across several industries. Caterpillar Inc. and John Deere both have manufacturing facilities in Peoria and employ a significant number of residents. OSF HealthCare, headquartered in Peoria, is a noteworthy employer with nearly 24,000 employees across more than 145 locations. Bradley University is also nearby, which enrolled 4,800 students and 1,200 faculty in the 2024-2025 academic year.
Washington Plaza Shopping Center benefits as a part of the Outlying Tazewell County Retail Submarket. The Outlying Tazewell County retail submarket contains 8.1 million square feet of inventory and has a vacancy rate of 2.9% as of the second quarter of 2025. There is presently no space under construction allowing existing inventory to shine.
Property tours are available by appointment only. Please contact the listing broker to schedule.
At approximately 70% occupied, there is a synergistic on-site tenant mix of both national and local retailers. Big names Papa John's, AMC Theatres, and Dollar General draw consumers to the center. Smaller, more local retailers include a martial arts center, nail salon, alterations, the public library, a childcare center, and a fitness center. Buyers have an exceptional opportunity to lease vacancies at market rates and also restructure current leases to maximize the net operating income.
This asset benefits from its prime location within Washington. Washington Road is a major thoroughfare and retail corridor for this suburban area. The road is dotted with both local and national companies such as Kroger, Taco Bell, Dunkin’, and many hotels. US 24 and Interstate 74 connect the asset to the suburbs and Peoria and East Peoria for amenities and jobs.
Washington is a major draw for investors as it exudes small-town charm with the bonus of big-city access just 10 miles away from Peoria. Peoria is home to many large employers across several industries. Caterpillar Inc. and John Deere both have manufacturing facilities in Peoria and employ a significant number of residents. OSF HealthCare, headquartered in Peoria, is a noteworthy employer with nearly 24,000 employees across more than 145 locations. Bradley University is also nearby, which enrolled 4,800 students and 1,200 faculty in the 2024-2025 academic year.
Washington Plaza Shopping Center benefits as a part of the Outlying Tazewell County Retail Submarket. The Outlying Tazewell County retail submarket contains 8.1 million square feet of inventory and has a vacancy rate of 2.9% as of the second quarter of 2025. There is presently no space under construction allowing existing inventory to shine.
Property tours are available by appointment only. Please contact the listing broker to schedule.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Title and Insurance
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
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-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted SF
999
999
999
Average SF
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/SF Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/SF
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
% Leased at Sale
9.9%
9.9%
9.9%
-
Market Sale Price per SF
Peoria - IL USA
Market Cap Rate
Peoria - IL USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
98,879 SF
Building Class
C
Year Built
1970
Percent Leased
77%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.18
Lot Size
12.59 AC
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
5,981
20,954
48,988
2020 Population
6,213
21,096
49,374
2029 Population
5,863
20,671
48,299
2024-2029 Projected Population Growth
-2.0%
-1.4%
-1.4%
Daytime Employees
1,175
7,939
22,866
Total Businesses
122
590
1,671
Average Household Income
$73,685
$96,572
$95,362
Median Household Income
$60,610
$75,653
$72,943
Total Consumer Spending
$75M
$284.6M
$649.9M
Median Age
41.4
41.7
41.8
2024 Households
2,558
8,518
19,674
Percent College Degree or Above
12%
21%
21%
Average Home Value
$164,569
$217,934
$218,964
PROPERTY TAXES
| Parcel Number | 02-02-20-307-008 | Improvements Assessment | $102,730 |
| Land Assessment | $330,950 | Total Assessment | $433,680 |
SALE ADVISORS
SALE ADVISORS
William Hayes, Commercial Broker
(309) 643-0717
Contact
William began his commercial career in 2006 with a Central Illinois developer finding tenants for new office buildings along with planned retail and restaurant developments. In 2007, William moved to Chicago and in short time became the senior leasing and sales broker for the Alliance Real Estate Advisors, a boutique commercial firm with a primary focus on the River North and West Loop neighborhoods. Although experienced as a tenant representative for retail, office, and industrial space, William specialized in landlord representation with a focus on loft office buildings.
William moved back to Central Illinois in 2011 and has been able to use his expertise in the leasing and sale of commercial real estate in the Peoria business community for the last 10 years. In his first two years back in the Peoria market, William brokered the highest number of commercial transactions in the Peoria area according to the Peoria Area Association of Realtors®.
William specializes in using the latest technology to conduct diligent market research, which helps him negotiate the best possible terms for his clients. William focuses on his clients’ specific goals and takes pride in assisting them with their needs in an honest and straight-forward manner. Since joining Joseph & Camper Commercial in 2011, William has familiarized himself with every sector of the commercial market. William has experience with sales and leasing of office, retail, industrial, land, and investment properties in the Central Illinois region. Joseph & Camper provides clients with an unmatched combination of real estate knowledge, experience, and dedication. William is proud to be part of the Joseph & Camper team and enjoys working to assist the Peoria area business community.
In his free time, William is an active supporter of the Heart of Illinois Down Syndrome Association, St. Jude, and the National Multiple Sclerosis Society.
William moved back to Central Illinois in 2011 and has been able to use his expertise in the leasing and sale of commercial real estate in the Peoria business community for the last 10 years. In his first two years back in the Peoria market, William brokered the highest number of commercial transactions in the Peoria area according to the Peoria Area Association of Realtors®.
William specializes in using the latest technology to conduct diligent market research, which helps him negotiate the best possible terms for his clients. William focuses on his clients’ specific goals and takes pride in assisting them with their needs in an honest and straight-forward manner. Since joining Joseph & Camper Commercial in 2011, William has familiarized himself with every sector of the commercial market. William has experience with sales and leasing of office, retail, industrial, land, and investment properties in the Central Illinois region. Joseph & Camper provides clients with an unmatched combination of real estate knowledge, experience, and dedication. William is proud to be part of the Joseph & Camper team and enjoys working to assist the Peoria area business community.
In his free time, William is an active supporter of the Heart of Illinois Down Syndrome Association, St. Jude, and the National Multiple Sclerosis Society.
Steve Reeves, Broker
(309) 691-5919 x121
Contact
Steve Reeves joined Joseph & Camper Commercial in 2020. He attended Northwestern University before acquiring his Registered Investment Advisory (RIA) certification and founding a brokerage firm. Pivoting on that experience, he established a real estate company in 2008 that focused on residential property rehabilitation in the Peoria area.
In addition, Steve has founded and operated an impressive list of locally recognizable businesses over the last 14 years, including Happy Fish Sushi, Gin Joint, Little Raven Creamery, and more. During this time, Steve learned how to seek out the suitable locations for each type of business and how to negotiate favorable deals with landlords.
At Joseph & Camper, Steve uses an outside-the-box approach, sharing relatable experiences to help entrepreneurial spirits achieve their visions. He knows the struggles business owners face, having lived them for over a decade right here in the local market.
In addition, Steve has founded and operated an impressive list of locally recognizable businesses over the last 14 years, including Happy Fish Sushi, Gin Joint, Little Raven Creamery, and more. During this time, Steve learned how to seek out the suitable locations for each type of business and how to negotiate favorable deals with landlords.
At Joseph & Camper, Steve uses an outside-the-box approach, sharing relatable experiences to help entrepreneurial spirits achieve their visions. He knows the struggles business owners face, having lived them for over a decade right here in the local market.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Casey Harrell
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 478027045
