1001-1105 Derby St
Pekin, IL 61554
Derby Shopping Center · Retail Property For Sale

The Dumes Falk Group of Marcus & Millichap is pleased to bring to market Derby Shopping Center, a 43,835-square foot neighborhood center located in the county seat of Tazewell County – Pekin, IL. Derby Shopping Center is situated on approximately three-acres with ample parking, multiple points of ingress/ egress, excellent signage and visibility along a commuter corridor. Derby Shopping Center is currently 87 percent occupied with 5,496-square feet or 13 percent of vacancy upside. Leasing up the vacant unit at market rents under a triple-net lease could potentially add more than $40,000 to the NOI. Additionally, all of the tenants are currently under gross leases except for Save-A-Lot who reimburses taxes and pays for it’s own parking lot maintenance. The tenant mix caters to the dense population which surrounds the property and meets the needs of the local residents and is home to the only discount grocery within the market. Anchored by Save-A-Lot and Family Dollar, the center is accompanied by a coffee shop, tanning salon, nail salon, tobacco shop, loan company, consignment shop, liquor store, all of which are internet resistant. The demand for the anchors is highlighted by the recent lease renewals of Save-A-Lot in 2015 and Family Dollar in 2017 who have both been at their current locations for over fifteen-years. Save-A-Lot, operated by Niemann Foods, is headquartered in Quincy and renewed it’s lease for a 10-year term in 2015. Family Dollar and Save-A-Lot make up roughly 58 percent of the GLA and 60 percent of the gross income. The subject property is positioned along Derby Street, an east/west commuter corridor. This thoroughfare can be quickly traveled having only three points which requires traffic to stop, one located directly in front of the Derby Shopping Center. Located down the road is Pekin Park District, a new 80-acre sports complex including eight lighted baseball/ softball diamonds, ten-acres of soccer fields, four football fields and two concession buildings surrounded by a 1.6-mile walking path. There are more than 36,000 residents with average household incomes of $63,000 within three-miles of the subject property. Nearby is Pekin Community High School with over 2,000 students, Pekin Preschool and Wilson Intermediate School (812 combined students) and Pekin Hospital with over 800 employees - all located within a mile of the subject property. Nearly 10,000 employees work within one-mile of Derby Shopping Center and over 34,000 in three-miles. Derby Shopping Center provides and incoming investor the ability to acquire a value-add grocery anchored center located off of a commuter corridor within a stabilized market. Save-A-Lot and Family Dollar as well as a prominent location within the market provides this center the ability to continue to be an integral part of the community and should continue to serve as an invaluable shopping destination for residents and travelers alike.