Ivo's Family Restaurant Property: $136,000 Price Reduction

CHANNAHON, IL — For nearly a year, there's been a for sale sign at the gateway into Channahon, the empty Ivo's Family Restaurant & Lounge along Route 6 and the Interstate 55 exit. The property had been listed at $525,000 and nobody wanted to buy it. Now, the price has come down to $389,000, according to the commercial real estate site LoopNet.

Since Ivo's went on the real estate market, the Speedway gas station next door has been torn down because Speedway a new, much larger gas station on the opposite side of Route 6. Additionally, Amazon will be opening its new fulfillment center with 1,000 full-time employees this fall. The new Amazon building is just a few blocks up the road from the empty Ivo's property.

The Ivo's building includes 8,673-square-feet of retail space. The structure was built in 1945. The real estate agents from Coldwell Banker Commercial have also touted the property as prime business real estate for a redevelopment project.