And SP 72 has hired Marcus & Millichap to find a buyer. For that firm, Mark Taylor, VP of investments and senior director of the National Retail Group in Philadelphia, along with associate VP Dean Zang and associate Christopher Munley, also Philadelphia, are handling the assignment.
"This offering provides an investor with the opportunity to acquire a rare big-box, single-tenant, net-lease retail property only minutes from the New Jersey shore, and a short drive from the Philadelphia and New York metro areas," Zang says.
Located at Route 72 and Doc Cramer Blvd, the property is adjacent Manahawkin Commons, an existing power center. The seller plans to hold onto frontage along Route 72 with plans to develop two additional retail outparcels.
The new BJ's, approximately 100,000 sf, has been under construction since mid-2007 and is expected to open by mid-summer. The Natick, MA-based chain has signed a 20-year triple-net ground lease with structured rental increases every five years.
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