Bangor property leased by BJ’s Wholesale Club sells for $12.5M
Photo / Courtesy Marcus & Millichap
A 91,828-square-foot retail property in Bangor, leased to BJ’s Wholesale Club, sold for $12,460,350.
A 91,828-square-foot BJ’s Wholesale Club at 110 Longview Drive in Bangor sold for $12,460,350.
Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage, arranged the sale.
BJ's will remain the primary tenant.
“We received serious interest in this deal from several institutional buyers,” said Adam Cohen, first vice president of investments. “In the end, we selected a buyer who owns multiple BJs locations nationwide and whom we knew would operate quickly and efficiently in closing this deal, which is exactly what they did.”
Cohen and Brett Kilar, investment specialists in Marcus & Millichap’s Boston office, marketed the property on behalf of the seller and procured the buyer, a large real estate investment trust. Thomas Shihadeh is the firm’s broker of record in Maine.
BJ’s Wholesale Club (NYSE: BJ), headquartered in Marlborough, Mass., opened the Bangor location in 2015.
Its other Maine locations are in Auburn and Portland.
The Bangor site
In Bangor, BJ’s Wholesale Club sits on a 13-acre lot in the city’s primary retail corridor, near a 60-acre shopping center and national retailers such as Target, Lowe’s and Walmart.
The property operates under a corporate-backed, long-term double net lease, which is a rental agreement whereby the tenant agrees to cover the costs of two of the three primary property expenses: taxes, utilities or insurance premiums.
The lease agreement includes rent escalations every five years.
Recent upgrades include a full interior and exterior renovation, a new roof and the addition of a gas and propane filling station.
BJ’s, a membership warehouse club, opened its first club in Medford, Mass. in 1984 and now has 231 locations in 18 states, as well as 162 gas locations and seven distribution centers. The company provides grocery, general merchandise, gasoline and ancillary services.
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