MetLife provided the floating-rate loan.

Rebranded as The Department Building, the property will offer 48,000 square feet of modern creative office space with historic design features.

The developer is planning a six-story building near Manhattan's East Side "Hospital Row."

“This sale represented a rare opportunity to purchase a new single-tenant, triple-net Walmart with stable income stream with increases,” says Ed Hanley of Hanley Investment Group.