John Bays Buys Dumpy Aaron's Property On Jefferson

JOLIET, IL — After spending the past year renovating the old Premier Building in downtonw Joliet along Jackson Street and the Two Rialto Square Building, Joliet's most prolific commercial real estate investor is turning his attention to West Jefferson Street.

At noon on Friday, John Bays said he closed with the bank on the vacant property that was the former Aaron's Furniture and Appliances. It's across from the First Midwest Bank and the Jewel grocery store. The former Aaron's retail store has been empty the past few years.

"I like the frontage, and the property is deep, you've got a lot of possibilities," Bays told Joliet Patch.

Part of the roof has collapsed and the inside of the building is a mess, according to Bays.

But that's nothing to worry about. After all, Bays specializes in acquiring commercial properties that are in disrepair and improving them.

He said the Aaron's building is about 29,100 square feet and the parcel is 2.5 acres.

"It's really a good spot," Bays told Joliet Patch. "I'll tell ya, give me a month, and you won't even recognize this building. I won't have any problem renting this. I just need to clean it up. It needs new windows, a new roof, and I'll asphalt the lot."

Bays told Patch his investment in the Aaron's Furniture property would likely be between $1.3 million and $2 million.

Joliet Patch asked Bays his thoughts about the state of Jefferson Street. After all, he owns the Twin Oaks Plaza where Bays Investments is headquartered, and Bays owns the Jefferson Center plaza adjacent to the Speedway gas station.

"It's not as hot as it used to be, but I don't think you can lose on Jefferson Street," Bays said.

For most of the summer, a homeless woman had been living in a tent in the far corner of the Aaron's Furniture property. The woman also had several grocery carts and large piles of garbage gathered near her tent in recent weeks.

Now that Bays acquired the property, the homeless woman is no longer living on the property as of a week ago. Bays said the Joliet police helped remove her from the property.