Joliet Kmart's Price Scaring Away Redevelopers

JOLIET, IL — The last Kmart left in Illinois, a store in Des Plaines, will be closing at the end of April. Joliet's last Kmart closed in December 2016 and the property at 1801 W. Jefferson St., still sits empty even though it's at Joliet's busiest intersection.

According to local officials, the property owner's steep asking price - not lack of interest in redeveloping the site - remains the primary stumbling block in finding a buyer.

According to Caton Commercial, the investment firm that owns the Joliet Kmart still wants $5 million for the empty 97,000-square-foot retail building and surrounding parking lot.

According to the real estate listing, the former Kmart at Larkin and Jefferson spans 10.8 acres. More than 56,000 vehicles pass through the Joliet intersection every day.

The Kmart property also includes a long-term lease that remains in place with the White Castle fast-food restaurant nestled on the far edge of the property.

The empty Kmart store was constructed in 1965. Ron Swacker of Caton Commercial is listed as the local real estate agent.

Joliet Patch called Swacker seeking comment on Tuesday, but he did not call back.

What do you think? Do you think someone will ultimately pay $5 million to acquire the empty Kmart in Joliet? If not, what do you think is a more reasonable price?

Feel free to post your comments at the end of this article.