MANAHAWKIN, N.J. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a ground lease to BJ’s Wholesale Club in Manahawkin. The listing price is $15.1 million.Mark Taylor, (left photo below) vice president of investments and senior director of Marcus & Millichap’s National Retail Group (NRG) in Philadelphia; Dean Zang, (middle right photo) associate vice president of investments and director of the firm’s NRG in Philadelphia; and Christopher Munley, (bottom right photo) an associate also in the firm’s Philadelphia office, are representing the seller, SP 72 Limited Liability Co., a limited liability company affiliated with a Southern New Jersey-based developer.
“This offer
ing provides an investor with the opportunity to acquire a rare big-box, single-tenant, net-lease retail property only minutes away from the New Jersey Shore and a short drive from the Philadelphia and New York metro areas,” says Zang.“The seller decided to retain Marcus & Millichap because of our expertise in the net-leased investment sales market,” adds Zang. Marcus & Millichap arranges more single-tenant, net-lease investment transactions on behalf of private and institutional clients than any other brokerage firm in the United States.
Located at Route 72 and Doc Cramer Boulevard, the property is situated on 14 acres neighboring a power center and a grocery-anchored shopping center. The seller will retain the frontage facing Route 72 where it plans to develop two additional retail outp
arcels. BJ’s Wholesale Club has signed a new 20-year triple-net ground lease, with structured rental increases every five years.Construction commenced in mid 2007 on the tenant’s building and is nearing completion. The developer anticipates that the tenant will open in mid summer.
Contact:
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/
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