South Jersey Observer was the first to report today (FB) that the famous and loved Metro Diner in Brooklawn NJ, faced day one of the wrecking ball today. Demolition crews were moving quickly through the outer perimeter of the building. This is the start of the project to bring a new Super Wawa to the corner.
Many remember the diner also as Ponzio’s which traced its roots back 50+ years and held the name on the building until 2009 when the Metro owners took over. The Metro closed back in June of this year after some doubt that it was going to happen… but 42Freeway was back on site the next day as the Metro has closed shop for good.
$4.5 Million. A $3+ million profit in 9 years.
The added 42Freeway twist (we always have a twist, Carly)… is that we found out that the sale price of the diner property was $4.5 Million dollars. This is a SIGNIFICANT price and more than other convenience store property purchases.
We continued looking at real estate transaction records and found that when the property changed hands in 2009, it sold for $1.4 million dollars. This is a $3.1 million profit in just 9 short years… while it triples the value of the property, one must consider the money spent improving the property over the years (including initial costly upgrades when they took over from Ponzio’s)
Plus the diner held an always-expensive liquor license! What we’ve seen in these purchases is, Wawa and it’s developer have no need for the liquor license… so the former Metro owners probably still have that license to use in another location. hmmmmmm…..
We call this out to show just how extreme the “Convenience Store Wars” are in South Jersey. As we’ve mentioned before, the “older” parts of Camden County are so developed that to get a key high traffic corner amidst the dense population and traffic… you have to be willing to buy out established businesses.
You have to also consider that the Ponzio’s / Metro Brooklawn building is a big and bould(er) building… large stone support columns frame the glass window sides… so it’s no cheap price to demo this building.
Wawa is playing hardball to counter the influx of Royal Farms, having purchased other open and viable business properties, Clancy’s Sewell (now open as a Wawa) and the soon to be acquired Connie Mac’s in Pennsauken.
A 42Freeway area Halloween story... on a global scale! Travel Channel's Ghost Nation starts it's new season this week featuring the Zone 13 Tattoo shop in Deptford NJ, which sits in the heart of our retail mecca behind the BJ's Warehouse! And yes... the Zone 13 Tattoo Shop is HAUNTED!
A brand new Hilton Garden Inn Hotel is close to completion on the Camden waterfront, and job opportunities appeared online this week! We don't have an exact date for their expected opening, but the online reservation system seems to allow us to book start January 1st... but that is far from official. We noticed that recently job postings for all facets of the hotel have gone online, and we linked at the bottom of the article.
Last year we were all surprised by the news that Canadian Coffee and Donut shop Tim Hortons was planning on coming to the White Horse Pike in Stratford NJ. This week the town of Stratford is boldly saying that construction will start within the week, and it will take 4 months to build. Article includes my rambling thoughts on Tim Hortons and coffee in our area.