$17.1 Million BJ’s Wholesale Club Ground Lease Hits the Market in New England

  

                      BJ's Wholesale Club retail store, Revere, MA

  

REVERE, MA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for the ground lease on a 120,224-square foot BJ’s Wholesale Club retail store in Revere, Mass. The listing price of $17,120,000 equates to $142 per square foot.

Robert Horvath

            Robert Horvath, a vice president investments, and Todd Tremblay, an associate vice president investments, both in the Boston office of Marcus & Millichap, are representing the seller, a regional developer, manager and owner.

            “This BJ’s Wholesale Club is located in a well-established trade area with proximity to numerous national tenants,” says Horvath. “BJ’s signed the original 15-year ground lease in March 2008.”

“The lease includes one five-year and six 10-year options and rental increases are scheduled every five years throughout the base term and option periods,” adds Tremblay. “The property includes a full service BJ’s gas station for club members.”

Todd Tremblay

Built in 2009, the property is located approximately six miles from downtown Boston on a 1.88-acre parcel just off Route 60, Squire Road, in Revere, Mass. The location is easily accessible from Route 1, a main thoroughfare. Traffic counts along Squire Road are in excess of 47,000 vehicles per day and more than 26,000 vehicles per day pass by on the nearby Salem Turnpike.

Local, regional and national tenants in the area include CVS, Family Dollar, Burlington Coat Factory, Uno Chicago Grill, McDonald’s, East Boston Savings Bank, Wendy’s, Dunkin’ Donuts, AutoZone, Dollar Tree, Price Rite and Taco Bell.

The population within a three-mile radius is 191,707 and 448,934 within a five-mile radius.

 For a complete copy of the company’s news release, please contact:

Ben Johnson,

Marketing Director

(925) 953-1736