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
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

Subscribe to the newsletter

Webinars on Demand

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties