Sterling Commons – Peoria, Illinois
Coldwell Banker Commercial Devonshire Realty (CBCDR) recently completed the development of Sterling Commons, two 3-tenant centers, located at I-74 and Sterling Avenue.
CBCDR identified an opportunity for the redevelopment of this blighted property when the I-74 improvements created a new interchange for Sterling Avenue. The location included a former Burger King and Denny’s restaurants that had been closed for numerous years and were eyesores for the community.
The property improvements involved significant development challenges including a complex ownership structure and a nonresident owner. However the vision for high-end retail, given the redevelopment of Westlake shopping center and the Sterling Avenue improvements, provided the impetus to move forward.
By combining the properties and razing the dilapidated structures CBCDR created the one-acre parcel ready for the development of Sterling Commons.
Retail center near Northwoods Mall and Westlake Shopping Center in Peoria’s prime retail corridor. Phase I was completed in 2011 and included Arby’s, Verizon, and Complete Nutrition.
Phase II was completed in the spring of 2015. The tenants include Firehouse Subs, Sleep Number, and VIP Nail and Spa. This is the first Firehouse Subs location in the Peoria area. Sleep Number relocated from inside Northwoods Mall and this location is their first storefront in the area. VIP Nail and Spa expanded their operation from their Galesburg home base.