A Frito Lay distribution facility spurred growth at the Peoria Logistics Park, attracting major tenants like Trader Joe’s. Trader Joe’s selected the location due to its central position and the opportunity to customize its facility. The park’s developer, VanTrust Real Estate, also sold land to Younger Brothers Cos. and is developing speculative industrial buildings, with potential for build-to-suit options based on tenant interest. Additionally, VanTrust is in talks to sell land to a data center company, potentially making it Peoria’s first data center development. The success of the project is credited to VanTrust’s flexibility and partnerships with the city of Peoria, along with the broader industrial development landscape in the area.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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