"We purchased the designation rights because most of the leasesthroughout the portfolio have below market rents," says MichaelJerbich, senior managing director of the Melville, NY-based DJMRealty, who's heading the disposition. "They are located in centersthat traditionally have been very difficult to get into and arevery desirable to retailers.

"We plan to conduct an auction to sell each lease individuallyin late July," Jerbich says. "Given the value in the leases and theamount of interest we've already received, interested partiesshould act immediately."

More than half of the leases on the block are in the GardenState. They range in size from 7,000-sf units in Hamilton Squareand Succasunna, to stores in the neighborhood of 18,000 sf inCinnaminson, Hawthorne, Ocean and Wayne. In terms of current baserents, they range from sub-$10 rents in Hamilton Square, Hawthorne,Lakewood, Toms River and Totowa, to $16 to $18-plus rents in Brick,Edgewater, East Rutherford, Linden, Secaucus, Succasunna andWayne.