Thor sells Bensonhurst big-box store for $75M

Algin Management picked up 136K sf property

TRD New York /
Oct.October 01, 2019 02:10 PM
Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

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

Joe Sitt’s Thor Equities has sold a big-box retail property in Bensonhurst that is leased to BJ’s Wholesale Club for $75 million.

Midtown-based Algin Management purchased the property at 1752 Shore Parkway, property records filed with the city Tuesday show.

Representatives for Thor and Algin could not be immediately reached for comment. Thor put the property up for sale earlier this year with Newmark Knight Frank.

The 136,000-square-foot building is triple-net leased to BJ’s with 14 years remaining on the term.

It’s one of the more stable properties in Thor’s retail portfolio, which is increasingly coming under stress as online ordering eats into brick-and-mortar stores’ sales.

The company, for example, is facing eviction at 545 Madison Avenue, which it controls under a ground lease. Thor earlier last month was reportedly behind on more than $550,000 in rent and $1.6 million in real estate taxes after tenants left the property.

Thor also recently gave up ownership of 1231 Third Avenue on the Upper East Side and defaulted on loan payments at a Soho property.

Sitt in August announced Thor is launching a new business called ThorLogis that will spend $900 million purchasing and developing logistics properties.

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