Truth Price Drop: 'We've Had A Lot Of People Looking At It'

Joliet IL

04 November, 2020

11:11 PM

Description

JOLIET, IL — In May, the owners of Truth Restaurant put their property at the corner of West Jefferson Street and Raynor Avenue up for sale at $499,000. After 17 years, the owners of Truth decided to close rather than try to keep their restaurant afloat amid the coronavirus pandemic. Although other restaurant properties along West Jefferson Street have changed hands in recent months, the latest being the former Wild Horse Bar & Grill property, the Truth property remains available. Now, the property listing has dropped by $50,000. You can buy the Truth property for $449,000, according to listing agent Ted Aretos of Eatz & Associates. Aretos told Joliet Patch this week that there has been strong and continued interest in the Truth restaurant property. He said he participated in a showing at 808 West Jefferson St. in recent days. The sale includes two separate buildings plus a large parking lot in the back of the property. The smaller building next door, he said, is leased by Bella Cucina Catering, which means the new owner will generate yearly income from the catering business. In addition, the sale of Truth Restaurant several thousand dollars worth of furniture, equipment and fixtures. The Truth building encompasses about 3,600-square-feet while the adjacent building at 800 W. Jefferson St., which is leased by Bella Cucina, is about 600-square-feet, Aretos said. According to Eatz & Associates, there has been multiple inquires about opening a pizzeria here. Another person looked at the site for a smoked BBQ and pizza restaurant. A third possible buyer was interested in opening an auto parts store. Others have considered a small grocery store, the real estate agent told Joliet Patch this week. The fact that Truth sits at one of Joliet's busier intersections, Raynor and Jefferson, makes the property highly desirable for prospective business owners, Aretos said. "We've had a lot of people look at it," he remarked. Aretos said the recent $50,000 drop in price to $449,000 is certain to draw even more interest. "I really think it's for sale under market value," Aretos suggested. "It's just a matter of who's going to come up with the best offer?" Original Joliet Patch story: Truth Restaurant Closes For Good, Property For Sale Image via John Ferak/Patch