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MARCUS & MILLICHAP BROKERS SALE OF $14.9 MILLION RETAIL GROUND LEASE

MANAHAWKIN, N.J. — Marcus & Millichap has brokered the sale of a 14-acre ground lease to a BJ’s Wholesale Club located in Manahawkin for $14.9 million. Situated at the corner of Route 72 and Doc Cramer Boulevard, the site neighbors a power center anchored by Kohl’s, TJ Maxx and Staples, as well as a grocery-anchored shopping center. The BJ’s Wholesale Club building, which was constructed in 2007, is subject to a 20-year, triple-net, unsubordinated ground lease with rent escalations every 5 years. Mark Taylor, Dean Zang and Christopher Munley of Marcus & Millichap’s Philadelphia office represented the seller, New Jersey-based SP 72 LLC. The buyer, New York City-based Shubert and Booth Theatre LLC, was represented by Bayard Street Capital and Real Estate Foundations Inc. The BJ’s parcel is part of a larger retail development, which the seller will retain ownership over for the purposes of constructing additional retail buildings in the future. The buyer was participating in a 1031 exchange.

Content Partners
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