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.

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.

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.