Lot Containing Econo Lodge, Denny's For Sale In Danvers

DANVERS, MA -- The property containing a Denny's restaurant and Econo Lodge in Danvers was listed for sale for $8.6 million Monday. The listing agent said he has been targeting developers of multi-family communities, medical facilities, car dealerships and hotels as he tries to sell the property.

"I see those four as the highest and best uses," Christopher Brown of American Realty Brokerage LLC said.

While the Denny's has been vacant for nearly two years, the Econo Lodge is still operating. Both properties would be demolished when the 4.27 acre parcel is sold. Brown was initially reluctant to talk about the listing for fear of upsetting people who live in the Econo Lodge.

Brown noted 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.

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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).