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BJ's Ground Lease Sells for $15M

MANAHAWKIN, NJ-The 14-acre site of the newly opened discounter's unit now belongs to a New York-based LLC.

By Eric Peterson | Updated on November 04, 2008

MANAHAWKIN, NJ-SP 72 LLC put the ground lease for the 14-acre site–occupied by a then under-construction BJ’s Wholesale Club–up for sale in February, and has been sold, GlobeSt.com has learned. The New York-based Shubert and Booth Theatre LLC is the new owner of the ground lease, paying $14.9 million for the asset. SP 72–an affiliate of a South Jersey developer that has not otherwise been identified–had listed the ground lease in February with an asking price of $15.1 million.

The listing had been with Marcus & Millichap, and the sale was orchestrated by Mark Taylor, VP-investments and senior director of the firm’s National Retail Group in Philadelphia; Dean Zang, associate VP-investment and director of the same group; and investment specialist Christopher Munley, all representing the seller. Shubert and Booth was represented by Bayard Street Capital and Real Estate Foundations Inc.

Located at Route 72 and Doc Cramer Blvd. in this Ocean County community, the 100,000-square-foot BJ’s building is subject to a new 20-year, triple-net unsubordinated ground lease with rent escalations slated every five years. The site is also adjacent to an existing power center, Manahawkin Commons, anchored by Kohl’s, TJ Maxx and Staples. Under construction since mid-2007, the BJ’s store opened this past summer.

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