Peoria Starbucks Property Sold for $2.09 Million

The Kenneth M. Doo Trust sold the commercial property on North University Street to a New York-based firm.

Updated on Sept. 30, 2026 in Openings & Closings

A modern, single-story red brick and glass retail building viewed on an overcast day in Peoria. — The Kenneth M. Doo Trust sold a commercial retail property on North University Street in Peoria for $2.09 million to a New York-based investment group. AI Illustration. Upload story photo >

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A building located at 4820 N. University Street in Peoria has been sold for $2.09 million. The property, which hosts a Starbucks, was purchased by the New Rochelle-based firm PRRFF LCC.

Why it matters

The transaction secures the site's long-term commercial status as Starbucks maintains an active lease through 2031. This sale transitions ownership of the long-standing retail location to an out-of-state investment group.

The building sold for $2.09 million, falling below the original $2.2 million listing price. Starbucks holds four five-year lease extension options beyond the current 2031 expiration date.

The players

The Kenneth M. Doo Trust

This entity acted as the seller of the commercial property located on North University Street.

PRRFF LCC

Based in New Rochelle, New York, this firm is the new owner of the property at 4820 N. University Street.

Starbucks

The global coffeehouse chain has operated as the primary tenant at this Peoria location for nearly two decades.

The details

The Kenneth M. Doo Trust transferred the deed to PRRFF LCC, a company based in New Rochelle, New York. Starbucks has operated at this North University Street site since 2005.

Starbucks has operated at the building since 2005.
The current Starbucks lease is set to expire in 2031.

Market Landscape

The sale follows the pattern of the triple-net lease investment model where investors acquire single-tenant properties with long-term anchor tenants. This transaction reflects broader commercial real estate trends where out-of-state entities seek stable retail assets with established footprints.

Local customers should not expect changes to store hours or service as the existing lease remains in place. The transition to a new owner does not affect daily operations or the availability of the shop for residents.

The takeaway

Commercial property investments often rely on long-term corporate leases to provide stability for owners. Investors looking at retail real estate should prioritize properties with anchor tenants that have demonstrated consistent, multi-year operating histories.