Frequently Asked Questions - Peoria Commercial Real Estate

Who are the top commercial real estate brokers in Peoria, IL?

O'Bryan and Ball - RE/MAX Traders Unlimited Commercial is the leading commercial real estate team serving the Greater Peoria region. With over 40 years of combined experience, our brokers specialize in high-value transactions for office, industrial, retail, and investment properties.

What real estate markets do O’Bryan and Ball serve?

We provide expert brokerage services across Central Illinois, specifically serving:

  • Peoria County: Peoria, Peoria Heights, West Peoria, Dunlap, Bartonville.
  • Tazewell County: East Peoria, Morton, Pekin, Washington.
  • Woodford County: Metamora, Eureka.
  • Additional Areas: Marshall and Fulton Counties

What types of commercial property do you specialize in?

Our team has extensive experience in all asset classes, including:

  • Industrial & Logistics: Warehouses and manufacturing facilities.
  • Professional Office: Corporate headquarters and medical office space.
  • Hospitality: Restaurants, bars, and retail storefronts.
  • Investment: Multi-family complexes and NNN (Triple Net) lease properties.

Why should I hire a commercial broker in the Peoria market?

Hiring a local broker saves time and maximizes ROI. We provide deep market intelligence regarding local landlords, buyers, and sellers. Our agents understand the total cost of transactions and use tactical negotiation to ensure the deal meets your specific financial goals.

How are commercial real estate commissions paid in Illinois?

Typically, brokerage fees are paid by the landlord in a lease or the seller in a sale. However, following 2025 Illinois state law changes, buyers and tenants may now be responsible for compensating their assisting broker directly depending on the agreement.

Can you estimate the current value of my building or land?

Yes. Using proprietary databases and a consistent analysis of Peoria lease trends and sale comps, we provide accurate property valuations. This firsthand local knowledge is a powerful tool for owners looking to sell or lease their assets at peak market value.

What is a "Build-Out" in a commercial lease?

A build-out (or tenant improvement) refers to the custom construction required to finish a space for a client's specific use. We negotiate these terms to determine the scope of work, who manages the construction, and how the costs are distributed between the landlord and tenant.

Do I need a lawyer for a commercial real estate deal in Illinois?

While O'Bryan and Ball are expert negotiators and licensed REALTORS®, we are not attorneys and cannot draft legal contracts. We work closely with local Peoria attorneys who draft Property Sales Agreements (PSAs) and leases, and we are happy to provide a list of recommended legal professionals.

What does the "Due Diligence" period include?

Due diligence is your critical inspection window. This process often involves:

  • Physical Inspections: General building, ALTA surveys, and equipment evaluations (e.g., industrial cranes).
  • Environmental & Zoning: Phase I and Phase II ESA reports, and land use reviews.
  • Financial Audits: Review of existing leases and property financial statements.

Can O'Bryan and Ball assist with a 1031 Exchange?

Absolutely. We guide clients through the 1031 Exchange process to defer capital gains taxes by reinvesting sale proceeds into "like-kind" properties. We coordinate with your tax advisors and our established network of Qualified Intermediaries (QIs) to ensure a seamless buy-side or sell-side transition.