Chock Full 0' Nuts sells six leases for $7.25 million.

Jones Lang LaSalle announced that it has successfully completed the sale of six sandwich leaseholds to Stahl Midtown Properties, LLC for $7.25 million on behalf of Chock Full O'Nuts, a subsidiary of Sara Lee Coffee and Tea. Woody Heller, managing director of Jones Lang LaSalle, together with his team comprised of Peter Harwood and Andrew Osborne, led the marketing and sale of this atypical real estate transaction accomplishing the deal in approximately two months.

The six retail spaces, once occupied by Chock Full O'Nuts and acquired by Sara Lee when it bought the company in 1999, are located at 532 Madison Avenue, 422 Madison Avenue, 574 Fifth Avenue, 1420 Broadway, 49 Broadway and 6 Waverly Place. The average leasehold term of six properties is 20 years.

In an unusual bidding process, Jones Lang LaSalle went to market in early April, seeking bids during the first week of May.

From the initial offers, five prospective purchasers were invited to complete their due diligence on spec and submit final offers in the form of signed unconditional contracts together with non refundable deposits. After reviewing the five proposals, Stahl Midtown Properties, LLC was chosen as the winning bidder.