Gaslite Square Plaza

Highlights

• NEW 5-YEAR LEASES - Cactus Mexican Restaurant signed a brand new 5-year lease in February. Milan Liquor and Milan Laundromat will sign new 5-year leases at close of escrow. Noticeable strong tenant commitment to remain at this location.
• EXCELLENTLY MAINTAINED - Shanghai Chinese Restaurant underwent a brand new build a few years ago. Kathy Sue's has spent nearly $100,000 on recent renovations. Most other tenants have brand new LED lights, ceilings, electrical and HVAC units.
• HIGH TRAFFIC COUNTS - The immediate area sees close to 23,000 vehicles per day from 10th Ave W (6,700), 4th St W (6,300) and 1st St W (9,800). Per Placer.ai, Happy Joe's next door reported 8,400 visits in March and Dollar General reported 6,300 visits driving heavy foot traffic to the area.
• HEAVY RETAIL PRESENCE - This site shares its lot with national tenant Dollar General and is located directly next to KFC and AutoZone. Across the street are Hy-Vee and CVS. The plaza takes advantage of robust traffic counts from several shopping centers nearby.
• STRONG DEMOGRAPHICS - Solid population counts of 4,105 within 1 mile, 19,713 within 3 miles, 67,484 within 5 miles and 260,652 within 10 miles.
• LARGE EMPLOYERS CLOSEBY - XPAC, a large internet company with 3,000 employees and an annual revenue of $420.0M is up the street. John Deere Parts Distribution Center is a 2.5 million SF facility, one of the largest working warehouses in Northern America.
• ATTRACTIVE LOCATION - Milan is located near the Quad Cities of Illinois and Iowa. The Quad Cities metropolitan area is also considered part of the Great Lakes Megalopolis, and is the largest metropolitan area along the Mississippi River in Iowa and between Minneapolis–Saint Paul and the St. Louis metropolitan area.

Description

Prime Net Lease is pleased to present the exciting opportunity to acquire a 10,790 SF 6 unit multi-tenant retail center, known as the Gaslite Square Plaza, located in Milan, IL. The tenant mix consists of retail-oriented tenants that conveniently serve customers in the nearby community and surrounding areas. Most of the tenants have been long term, reliable and who have continuously maintained their leases throughout the years, showing their strong commitment to the area and site itself. The plaza is located on one of Milan's busiest intersections with nearly 17,000 vehicles per day. This has attracted the plaza's newest tenant, Kathy Sue's, who spent nearly $100,000 on recent renovations. The site shares a parking lot with Dollar General, while directly next door are both KFC and AutoZone and across the street are Hy-Vee and CVS. Local and major national tenants closeby include Pizza Hut, McDonald's, Hardee's, Jimmy John's, Fazoli's, Target, Ross, Hobby Lobby, Dollar General, Walgreens and many others.

The site has quick access to US Hwy 92, I-280, I-74 & The Quad City Airport. Milan is home to the John Deere North American Parts Distribution Center, one of the largest warehouses in the world. In June of 2022, only six miles away in Davenport, Iowa, Fair Oaks Foods announced plans to construct a state-of-the-art food production facility. The $134 million investment includes a 150,000 square-foot facility in the Eastern Iowa Industrial Center and will create an estimated 247 new full-time jobs. The company plans to start operations in early 2024. Construction is anticipated to begin this summer on a 32-acre site near Interstate 80. This development is expected to have an annual economic impact of $182 million, making it the largest business attraction project in the region’s history.

Milan is a village in Rock Island County, Illinois. The village is located near the Quad Cities of Illinois and Iowa. The area consists of the cities of Davenport and Bettendorf in Iowa and Rock Island, Moline, and East Moline in Illinois, and their suburbs in northwest Illinois and southeast Iowa. The Quad Cities is located at the confluence of the Rock and Mississippi rivers, approximately 140 miles (230 km) west of Chicago, and forms the largest metropolitan area along the Mississippi River between Minneapolis–Saint Paul and the St. Louis metropolitan area. The Quad Cities Metropolitan Area consists of three counties: Scott County in Iowa, and Rock Island County and Henry County in Illinois. The Quad City metro population is 382,268. The Quad Cities Metropolitan Area is also considered part of the Great Lakes Megalopolis.

Milan is a village in Rock Island County, Illinois, United States. The village is on the Rock River in northwest Illinois, about 4 miles upstream of its outlet to the Mississippi. The village is the site of the south campsites which comprised the Sauk and Fox village of Saukenuk, once the second-largest Native American inhabitation in North America. Milan is located near the Quad Cities of Illinois and Iowa. Rock Island is part of the Quad Cities area which consists of Rock Island, Moline, and East Moline in Illinois, and Davenport and Bettendorf on the Iowa side of the river. The Quad Cities area combined population is close to 400,000.

Located on the bend of the Mississippi where "the river runs east and west," the Quad Cities is made up of several close-knit municipalities in eastern Iowa and western Illinois. It is easily accessible by rail, barge, and air and sits at the convergence of Interstates 74, 80, and 88. This mid-sized metropolitan area offers the best of both worlds. The Quad Cities brings you all the excitement of a big city with all the hospitality of a small town. It is large enough for a great transportation infrastructure, cultural attractions, and high quality of life, yet small enough for ease of travel, low cost of living, and low crime rate. The people of the Quad Cities have inherited the strong work ethic of an industry-oriented community resulting in a highly productive work force. Commitment to learning is reflected by one of the top high school graduation rates in the nation, three quality university campuses, and several, well rounded vocational programs.

When the work is done, citizens enjoy a variety of festivals, sports, and recreational activities. Appreciation of the arts is evident in a wide variety of performing arts and museums. Additionally, residents take the opportunity to enjoy the scenic riverfront and communities through the many festivals and events held throughout the year.

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