The closed Denny’s and Taco Bell buildings on the Black Horse Pike in Washington Township were acquired by the owner of local commercial real estate company Drexel Realty Group as an investment opportunity, and they are actively pursing new tenants/owners. Nothing is immediately planned at this time.
The sale of the Denny’s property became known to many when the official Washington Township Facebook page promoted it’s sale in an economic update. At the time, they weren’t clear on what it was to be used for.
Once the Denny’s property was on residents’ radar… at least once a month someone asks me directly about the two properties, or I see them mentioned in town Facebook groups.
42Freeway had reached out to the selling agent back then, who told us the buyer saw it as a great investment opportunity. I didn’t post on it at the time as I wanted to find out who the buyer was.
For clarity, the property addresses for the two Washington Township (Gloucester County) closed businesses are:
- Denny’s : 5550 Route 42
- Taco Bell: 5500 Route 42
The properties are adjacent to each other, with Denny’s at the corner of Whitman Drive. On the other side of Taco Bell is the recently opened Crab Du Jour.
So it takes the county and state a little bit of time to update real estate and tax records online… and this week a reader reminded me “Hey I think the same person owns the Taco Bell and Denny’s buildings on the pike. Is something coming?”
So a quick check of tax records show that yes, while listed as two different LLC companies, the addresses led to the same Gloucester County Address.
We shared emails this week with property owner Richard of Drexel Realty Group who confirmed
Working on tenants. Nothing solid at this point
Richard went on to say he is open to signing up two tenants, but would prefer signing on one tenant for the combined property and developing new.
A quick look at Drexel Realty’s website shows that developing commercial properties “is their thing”.
The Drexel front page has photos of Arby’s, Dunkin Donuts and Rite Aid. This is just to say they develop commercial retail, and doesnt have anything to do with what is expected at the Black Horse Pike properties.
It seems that Richard and his team know the business well. So even when some are saying “who buys an expensive commercial property without having a tenant?”… well I think Richard knows how to find a great deal in this constantly changing retail market space, and also knows that when marketed properly, a property can be a money maker for him and his company.
If you are interested in developing a business on the Black Horse Pike, reach out to:
Drexel Realty Group
Richard Troiani, Broker
Website: Drexel Realty