Danvers Econo Lodge Closing Nov. 4

DANVERS, MA -- The 4.27-acre lot that includes a 62-room Econo Lodge and a closed Denny's restaurant is close to be under agreement. The lot was listed for $8.6 million in May. With the impending sale, the motel that employs about 15 people is scheduled to close on November 4.

In an interview with the Salem News, which first reported this story, listing agent Christopher Brown said the property is being bought by a "nationally-recognized company." Both buildings would be demolished after the sale is finalized. Brown said the current use is not cost-effective given the property's location.

In May, Brown told Patch the location on Route 114 has visibility from Route 128, making it "an ideal" location for redevelopment. While similar-sized properties on Route 1 typically sell for about $1 million per acre, the roughly $2 million per acre asking price on the Denny's property is based largely on the fact that car travel slower on Route 114 and Endicott Street.

Brown pointed to sales of similarly sized-properties in the area when asked about the asking price, including the Borders Book Store property near the North Shore Mall.

The motel and restaurant were built in 1975. In 2013, a film crew descended on the property to film a scene for "The Forger," starring John Travolta.

For more on this story, see the Salem News. Subscribe to Danvers Patch for more local news and real-time alerts.

Patch file photo.

Dave Copeland can be reached at dave.copeland@patch.com or by calling 617-433-7851. Follow him on Twitter (@CopeWrites) and Facebook (/copewrites).