Acquisition Date: December 2021 Disposition Date: March 2023
3421 N University is a unique development opportunity where landlord secured an executed ground lease with Valvoline Instant Oil Change (corporate). The new development will have Valvoline demolish the existing vacant building and replace it with a single story oil change building with a lower level totaling approximately 2,090 square feet.
Located in the heart of the University Street retail corridor, the property benefits from its immediate proximity to University Street, and close proximity to War Memorial Drive and Interstate 74. The intersection of University Street and War Memorial Drive offers high daily traffic counts of approximately 45,000 vehicles per day. The development is situated at a signalized intersection that shares access with Walmart, Aldi, Hobby Lobby, and Dunham Sports. The property is located in a premier Peoria retail trade area which draws from a consumer base of 80,000 people in a 3 mile radius.