Ted Aretos, real estate agent with Eatz & Associates, Inc., told Joliet Patch the Truth owners are seeking $499,000 for their two buildings.
JOLIET, IL — For thousands of Joliet area residents, one of the biggest shockers of May came when the owners of Truth Restaurant announced they had closed their business. They are now actively trying to sell their property at the busy corner of West Jefferson Street and Raynor Avenue.
Truth had a tremendous reputation for elegant dining during its 17-year run as a Joliet restaurant. Last week, interim city manager Steve Jones told Patch that since he came to work in Joliet in 2015, whenever he had out-of -own businesses visiting City Hall, Truth was always one of the first restaurants he suggested taking them to.
The owners were in the process of semi-retiring and the statewide shutdown of sit-down restaurants led them to decide now is the time to close down, according to Ted Aretos, real estate agent with Eatz & Associates, Inc.
Aretos told Joliet Patch’s editor last week that the property consists of two buildings, 800 and 808 Jefferson St. The owners want $499,000; however, Aretos said the price is negotiable.
The second smaller building is rented by Bella Cucina catering, and they have a current lease agreement in place, the listing agent said.
Truth remained a profitable fancy restaurant even at the time of its closing, Aretos said.
“But with everything going on with COVID-19 causing their closure, and they were looking to retire anyway,” Aretos said. “It’s profitable. Actually, they were doing very well.
“I think it’s an amazing facility. There’s a big full kitchen, walk-in coolers and freezers. It’s got fantastic street frontage and everything is up to code.”
In the back, the Truth property has a parking lot with 30 spaces.
First and foremost, Aretos said he wants to find another restaurant to fill the space. A for sale sign in the window reads: “Fully Equipped Restaurant/Bar With Property.”
According to Eatz & Associates, some possibilities include a breakfast cafe, a steakhouse or a sit-down pizzeria. The property is not conducive for a carryout-only restaurant, Aretos told Patch.
On the other hand, Aretos said he will not close the door to other offers.
He said the property is large enough to function as general medical offices. He also said it could work as an auto parts store, for instance.
“Anything you can imagine,” Aretos said. “Any type of retail. It’s got the visibility. The corner would make a great redevelopment opportunity.”
The Truth restaurant building was built in 1990. The dining room can seat 100 people, and the owners have a liquor license through the city of Joliet.
“It’s definitely in good shape on the inside and it’s clean,” Aretos told Joliet Patch.
For more information about the Truth property, call Aretos at 815-761-8334.
Otherwise, check out on the listing on LoopNet.