Thor Equities looks to sell BJ’s big-box store in Gravesend

Firm asking in the mid-$70M range

TRD New York /
May.May 14, 2019 01:45 PM
Joe Sitt and 1725 Shore Parkway (Credit: Google Maps)

Joe Sitt and 1725 Shore Parkway (Credit: Google Maps)

Joe Sitt’s Thor Equities is looking to sell another one of its large retail properties in Brooklyn.

The Midtown-based firm put the big-box retail store leased to BJ’s Wholesale Club in Gravesend up for sale with an asking price in the mid-$70 million range.

“The store’s been open five years and it’s been performing very well,” Newmark Knight Frank’s Thomas Dobrowski, who’s leading the team marketing the property, told The Real Deal.

The South Brooklyn property at 1752 Shore Parkway includes a 136,000-square-foot store and a 60,000-square- foot parking garage. BJ’s has a 20-year, triple-net lease with more than 14 years left on the term, and includes “significant” contractual rent increases, according to Newmark.

Thor bought the land near the Caesar’s Bay Shopping Center in 2005 for $10 million, and broke ground on the BJ’s store in 2012. The developer refinanced the property in 2017 with a $45 million loan from Signature Bank, property records show.

While retailers have struggled, Target last year signed a deal last year to replace the Toys ‘R’ Us and Baby ‘R’ Us stores next door at the Caesar’s Bay Shopping Center, which Dobrowski said was good news for property owners.

“It’s a good sign and speaks to the viability of the market for big box retailers,” he said.

Thor has been looking to sell off many of its retail holdings as of late, as the company shifts away from that struggling market.

In Manhattan, the company earlier this year sold a pair of Soho retail condos to Acadia Realty Trust. And Thor recently defaulted on its loan at another Soho retail property, according to reports.

Last year, the investment firm tested the waters to unload a large portfolio of properties in Coney Island. And Thor recently changed course in Red Hook, where it abandoned plans to build an 800,000-square-foot office complex in favor of building last-mile warehousing at the property.


Related Articles

arrow_forward_ios
Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

Alderman Brendan Reilly (Credit: iStock)

The Chicago condo deconversion craze is dying

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Clockwise from left: 270 Richards Street in Brooklyn, 72-01 Queens Boulevard in Queens, and 2069 Bruckner Boulevard in the Bronx (Credit: Thor Equities, Azimuth)

The top 10 biggest real estate projects coming to NYC

arrow_forward_ios