MANAHAWKIN, NJ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a ground lease to BJ’s Wholesale Club (top right photo) in Manahawkin.The sales price is $14.9 million.
Mark Taylor, (middle right photo) a vice president of investments and senior director of Marcus & Millichap’s National Retail Group (NRG) in Philadelphia; Dean Zang, (middle left photo) an associate vice 
president investments and director of the firm’s NRG in Philadelphia; and Christopher Munley, an investment specialist also in the firm’s Philadelphia office, represented the seller.
president investments and director of the firm’s NRG in Philadelphia; and Christopher Munley, an investment specialist also in the firm’s Philadelphia office, represented the seller. SP 72 LLC, a New Jersey-based limited liability company, listed the property with Taylor and Zang in February. Within four months, Marcus & Millichap had procured six offers and ultimately selected the buyer, Shubert and Booth Theatre LLC, a New York City-based limited liability company.
The buyer was represented by Bayard Street Capital and Real Estate Foundations Inc.
“We selected Shubert for a number of reasons,” explains Zang. “Shubert was the highest bidder, the BJ’s store was the group’s replacement property in a 1031 exchange and the deal was not contingent on financing. 
“This asset provided the investor with a rare opportunity to acquire a new big-box, single-tenant net-lease retail property located only minutes from the Jersey Shore and a short drive from the Philadelphia and New York metropolitan areas,” says Zang.
“This property has a strong residual value,” adds Taylor. “Escalating land costs in this area, as well as the difficulty in assembling larger tracks of land, make this parcel very valuable.”
Located at Route 72 and Doc Cramer Boulevard, BJ’s Wholesale Club is situated on a 14-acre lot neighboring a power center and a grocery-anchored shopping center.
The BJ’s Wholesale Club building is subject to a new 20-year, triple-net unsubordinated ground lease with rent escalations scheduled every 5 years. The BJ’s property is part of a larger retail development, which the seller will retain to construct two or more additional buildings in the near future.
Constructed in 2007, BJ’s Wholesale Club is in a prime regional retail corridor, neighboring a power center anchored by Kohl’s, TJ Maxx and Staples.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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