New Lenox Finds Buyer For Papa Joe's Property
NEW LENOX, IL - If Tim Baldermann decides to hang it up as the mayor of New Lenox, perhaps he has a bright future as a real estate broker. In August, the New Lenox Village Board agreed to spend about $735,000 to acquire the bulldozed property along Route 30 that used to be the Papa Joe's Italian Restaurant.
This week, Baldermann told Patch that an investor has stepped forward and agreed to buy the property from the village. The company, Lagestee-Mulder, is a full service real estate firm focused on the Chicago area and northwest Indiana. The company has offices in Mokena, Clarendon Hills and South Holland.
The company's website touts a number of office, medical, industrial and restaurant projects it has accomplished in recent years including the Buffalo Wild Wings in Frankfort, the Three Floyds Brewing remodel and expansion in Munster and the Aurelio's Pizzeria in Monee. The company is also known as LM Commercial Real Estate, according to its online profile.
Baldermann said that New Lenox will recover all of its costs from the August purchase that it made from the Les Brothers family. That's the same family that operates the Williamson's Restaurant and Bar near the old Kmart store.
Baldermann said the pending sale, which will go before the village board for approval in November, is for about $760,000. In a separate contract, the developer is also looking to acquire another 1 acre to 1.5 acres of adjacent property from the village as part of a land swap involving the New Lenox Park District, the mayor said.
That deal is still being negotiated, the mayor said.
What will Lagestee put in New Lenox?
"It will be a standalone restaurant," Baldermann said. "They're not sure who the tenant would be yet. They're working on that now."
Baldermann said the investment group that is buying the land from the village was previously unaware it was available to purchase until after New Lenox acquired it.
"This deal just made sense for a developer," the mayor said. "We reached out to a couple of reputable developers and Lagestee expressed interest and offered us a contract. And it's good for us because we'll recoup all of our costs."
Baldermann envisions a new restaurant could be built sometime next year provided the investor is able to finalize a deal with a restaurant willing to build there.
The mayor is pleased with the continued growth and redevelopment that continues along the Route 30 corridor, both on the east and west end of town.
The old Papa Joe's parcel is located at 400 West Maple Street. The lot is between the Taco Bell restaurant and BMO Harris Bank of New Lenox.
Image via Google Maps
