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Westlake Shopping Center 2601 W Lake Ave
5,540 - 23,678 SF of Retail Space Available in Peoria, IL 61615
Highlights
- The only national award winning shopping center in Central Illinois.
- The traffic counts create the highest average interaction vehicle activity per day of any other retail location.
- Located at the 100 percent retail corner containing the largest shopping centers in the market.
- Interstate 74 and Sterling Avenue Interchange: the only interstate highway in the market.
Space Availability (3)
Display Rental Rate as
- Space
- Size
- Term
- Rental Rate
- Rent Type
| Space | Size | Term | Rental Rate | Rent Type | ||
| 1st Floor, Ste A3,A4,A5 | 5,635 SF | Negotiable | Upon Request Upon Request Upon Request Upon Request | Triple Net (NNN) | ||
| 1st Floor, Ste B-1c | 5,540 SF | Negotiable | $18.25 /SF/YR $1.52 /SF/MO $101,105 /YR $8,425 /MO | Triple Net (NNN) | ||
| 1st Floor, Ste B-7b | 12,503 SF | Negotiable | $17.25 /SF/YR $1.44 /SF/MO $215,677 /YR $17,973 /MO | Triple Net (NNN) |
2601 W Lake Ave - 1st Floor - Ste A3,A4,A5
A retail landmark overlooking the only interstate highway in a metropolitan market of 401,767 people
- Lease rate does not include utilities, property expenses or building services
- Fully Built-Out as Specialty Space
- Located in-line with other retail
- Space is in Excellent Condition
- Central Air and Heating
- Kitchen
- Private Restrooms
- Wi-Fi Connectivity
- Fully Carpeted
- After Hours HVAC Available
2601 W Lake Ave - 1st Floor - Ste B-1c
A retail landmark overlooking the only interstate highway in a metropolitan market of 401,767 people
- Lease rate does not include utilities, property expenses or building services
- Fully Built-Out as Standard Retail Space
- Located in-line with other retail
- Space is in Excellent Condition
- Central Air and Heating
- Private Restrooms
- Fully Carpeted
- High Ceilings
- Exposed Ceiling
- Emergency Lighting
2601 W Lake Ave - 1st Floor - Ste B-7b
A retail landmark overlooking the only interstate highway in a metropolitan market of 401,767 people
- Lease rate does not include utilities, property expenses or building services
- Located in-line with other retail
- Space is in Excellent Condition
- Central Air and Heating
- High Ceilings
Rent Types
The rent amount and type that the tenant (lessee) will be responsible to pay to the landlord (lessor) throughout the lease term is negotiated prior to both parties signing a lease agreement. The rent type will vary depending upon the services provided. For example, triple net rents are typically lower than full service rents due to additional expenses the tenant is required to pay in addition to the base rent. Contact the listing broker for a full understanding of any associated costs or additional expenses for each rent type.
1. Full Service: A rental rate that includes normal building standard services as provided by the landlord within a base year rental.
2. Double Net (NN): Tenant pays for only two of the building expenses; the landlord and tenant determine the specific expenses prior to signing the lease agreement.
3. Triple Net (NNN): A lease in which the tenant is responsible for all expenses associated with their proportional share of occupancy of the building.
4. Modified Gross: Modified Gross is a general type of lease rate where typically the tenant will be responsible for their proportional share of one or more of the expenses. The landlord will pay the remaining expenses. See the below list of common Modified Gross rental rate structures: 4. Plus All Utilities: A type of Modified Gross Lease where the tenant is responsible for their proportional share of utilities in addition to the rent. 4. Plus Cleaning: A type of Modified Gross Lease where the tenant is responsible for their proportional share of cleaning in addition to the rent. 4. Plus Electric: A type of Modified Gross Lease where the tenant is responsible for their proportional share of the electrical cost in addition to the rent. 4. Plus Electric & Cleaning: A type of Modified Gross Lease where the tenant is responsible for their proportional share of the electrical and cleaning cost in addition to the rent. 4. Plus Utilities and Char: A type of Modified Gross Lease where the tenant is responsible for their proportional share of the utilities and cleaning cost in addition to the rent. 4. Industrial Gross: A type of Modified Gross lease where the tenant pays one or more of the expenses in addition to the rent. The landlord and tenant determine these prior to signing the lease agreement.
5. Tenant Electric: The landlord pays for all services and the tenant is responsible for their usage of lights and electrical outlets in the space they occupy.
6. Negotiable or Upon Request: Used when the leasing contact does not provide the rent or service type.
7. TBD: To be determined; used for buildings for which no rent or service type is known, commonly utilized when the buildings are not yet built.
SITE PLAN
SELECT TENANTS AT Westlake Shopping Center
- Tenant
- Description
- US Locations
- Reach
- Binny's
- Retailer
- -
- -
- Burlington Coat Factory
- Dept Store
- 1,414
- National
- Michaels
- Art/Crafts
- 1,507
- International
- Panera Bread
- Retailer
- -
- -
- Ross Dress for Less
- Retailer
- -
- -
- ULTA
- Furniture/Mattress
- 24
- Regional
| Tenant | Description | US Locations | Reach |
| Binny's | Retailer | - | - |
| Burlington Coat Factory | Dept Store | 1,414 | National |
| Michaels | Art/Crafts | 1,507 | International |
| Panera Bread | Retailer | - | - |
| Ross Dress for Less | Retailer | - | - |
| ULTA | Furniture/Mattress | 24 | Regional |
PROPERTY FACTS FOR 2601 W Lake Ave , Peoria, IL 61615
| Center Type | Community Center | Frontage | |
| Parking | 925 Spaces | Gross Leasable Area | 244,096 SF |
| Stores | 18 | Total Land Area | 19.11 AC |
| Center Properties | 3 | Year Built | 1973 |
| Center Type | Community Center |
| Parking | 925 Spaces |
| Stores | 18 |
| Center Properties | 3 |
| Frontage | |
| Gross Leasable Area | 244,096 SF |
| Total Land Area | 19.11 AC |
| Year Built | 1973 |
About the Property
Irreplaceable location: two time national award-winning power center overlooking Interstate 74 and Sterling Avenue Interchange and the three most heavily traveled arterials in the metropolitan market exceeding 400,000 people. Direct access to interstate off-ramp to Sterling Avenue connects Westlake to Sterling Avenue and Washington Prime's Northwoods Mall, located directly across the street, with whom Westlake shares its main entrance driveways, and which connect to the City of Peoria's three most heavily traveled arterial roads: War Memorial, Sterling, and Glen Avenues. When combined with I-74 Sterling Avenue Interchange, at Westlake's front door are the highest consolidated traffic counts of any shopping center in the entire Peoria metropolitan market. Not surprisingly, the highest concentration of retail stores, restaurants, and hospitality - including the Westlake Marriott - within the market exist within 1 mile of Westlake. Located at the 100 percent retail corner containing the largest shopping centers in the market, since 1973 Westlake has been part of the retail epicenter of regional market exceeding 500,000, and an MSA of 379,940 (Scan/US 2014). A proven location for over 47 years - powered from 1970s through years of double-digit interest rates and hyperinflation of the 80s, the boom years of 90s, the Great Recession, and rising sales per square foot through retail's e-commerce evolution of the 2000s. National award winning redevelopment and expansion in 2004- 2014 turned Peoria's most proven and respected 1970s "across the street from The Mall" shopping center into one of the most beautiful and respected shopping centers in all of Illinois, winning multiple national (ICSC, NAH, ICPI) and local beautification words, refreshed best-of-breed co-tenancy, and the largest interlocking concrete paver parking in the United States. Current national and regional brands best-of-breed Westlake cotenancy includes Ross, Binny's, Guitar Center, Five Guys, UPS, Panera Bread (corporate), Biaggis, ULTA, US Cellular, Humana, Michael's, and more. Shadow anchored by Portillo's. A regional medical hub, Peoria's largest employer is healthcare (as a percentage of total workforce, Peoria employs more healthcare workers than Rochester Minnesota, home to the world-famous Mayo Clinic: 25.5% compared to 23.4% for Rochester MN). The oldest European settlement in Illinois, Peoria headquarters RLI and Maui Jim, and a significant presence with Caterpillar (employing approximate 12,000). Education is the third largest employer, and includes, within the Tri-County region, Bradley University, the University of Illinois School of Medicine at Peoria, Eureka College, Knox College, Illinois Central College, and the OSF Medical and Methodist Medical Schools of Nursing.
- 24 Hour Access
- Corner Lot
- Freeway Visibility
- Restaurant
- Security System
- Signage
- Signalized Intersection
- Tenant Controlled HVAC
- Enclosed Mall
- Monument Signage
DEMOGRAPHICS
Demographics
Nearby Major Retailers
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Westlake Shopping Center | 2601 W Lake Ave
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