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BJ's Ground Lease Listed for $15M

MANAHAWKIN, NJ-Seller SP 72 LLC is shopping the 14 acres on which the chain's newest store will open by mid-summer.

By Eric Peterson | Updated on March 17, 2008

MANAHAWKIN, NJ-SP 72 LLC has put the ground lease for the under-construction BJ’s Wholesale Club store here up for sale. The seller, an affiliate of a South Jersey-based developer that was not otherwise identified, has listed the 14-acre property with an asking price of $15.1 million.

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.

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