By Philip Haldiman, Independent Newsmedia
A property in one of Peoria’s most popular commercial areas is on the market.
The land leased to Modern Round, a virtual reality shooting lounge and restaurant located in the P83 Entertainment District, is up for sale, according to real estate firm CBRE.
Owner Monaghan Farms Inc., represented by CBRE, has listed the offering price for the 11,000-square-foot property at $3.72 million.
The price per square-foot is about $320.
The property is located one block east of the Loop 101 and two blocks south of Arrowhead Towne Center, 8320 W. Mariners Way.
It was built in 2001, and opened in June 2016. Owners of the virtual reality shooting lounge spent more than $ 1.5 million in tenant improvements on the property, and signed a 10-year lease in October 2015 with two five-year options to renew, according to CBRE.
A new roof was installed December 2016, with a 15-year warranty. The company is opening two new Modern Round locations, one in Las Vegas and one in Dallas.
Modern Round has a triple net lease, or NNN, in which the tenant is responsible for operating expenses associated with the property, including keeping and maintaining all parts of the premises in good working condition and promptly making all necessary repairs and replacements. This would include, but not be limited to window, glass and plate glass, doors, exterior walls (except structural repairs which are the landlord’s responsibility), interior walls and finish work, grease traps, interior termite and pest extermination, and regular removal of trash and debris, according to the listing.
The tenant shall pay directly or reimburse the landlord for any regular assessments required under the covenants, conditions and restrictions of the P83 Entertainment District, the listing said.