sale inFebruary, and has been sold, GlobeSt.com has learned. The NewYork-based Shubert and Booth Theatre LLC is the new owner of theground lease, paying $14.9 million for the asset. SP 72--anaffiliate of a South Jersey developer that has not otherwise beenidentified--had listed the ground lease in February with an askingprice of $15.1 million.

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

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

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The listing brought a half-dozen offers, according to Zang. "Weselected Shubert for a number of reasons," he tells GlobeSt.com."Shubert was the highest bidder, the BJ's store was the group'sreplacement property in a 1031 exchange and the deal wasn'tcontingent on financing. This asset provided the investor with arare opportunity to acquire a new big-box, single-tenant, net-leaseretail property near the Jersey Shore and not far from the New Yorkand Philadelphia metro areas."

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"This property has a strong residual value," Taylor tellsGlobeSt.com. "Escalating land costs in this area, as well as thedifficulty in assembling larger tracts of land, make this parcelvery valuable."

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A couple of adjacent outparcels--with frontage along Route72--are not part of the ground lease. Plans are in the works forthe construction of two or more retail buildings on those sites bythe developer behind SP 72 LLC.

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