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BJ’s Wholesale Club in Bangor Trades to National REIT
Marcus & Millichap closed the sale of BJ’s Wholesale Club, a 91,828-square-foot retail property located at 110 Longview Dr. in Bangor, ME, for $12,460,350.
“We received serious interest in this deal from several institutional buyers,” said Adam Cohen, first VP 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 nationally recognized REIT. Thomas Shihadeh is the firm’s broker of record in Maine.
BJ’s Wholesale Club in Bangor 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 NN lease with rent escalations every five years.
- ◦Sale/Acquisition
