REVERE, MA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the ground lease on a 120,224-square foot BJ’s Wholesale Club retail store in Revere, Mass. The $16.4 million sales price equates to $136 per square foot.
Robert Horvath, a vice president investments, and Todd Tremblay, also a vice president investments, both in Marcus & Millichap’s Boston office, represented the seller, William Thibeault, owner of Rumney Marshview LLC. The buyer is a local private investor.
“Low interest rates and strong retail operations continue to draw net-leased investors to the Boston area,” says Horvath. “The Revere BJ’s Wholesale Club is in a well-established trade area with close proximity to numerous national tenants.”
“BJ’s signed the original 15-year ground lease in March 2008,” adds Tremblay. “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,”
Built in 2009 on a 13.88-acre parcel, the property is located approximately six miles from downtown Boston at 5 Ward St. just off Route 60 in Revere, Mass. The location is easily accessible from Route 1, a main thoroughfare. 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 property includes a full service gas station for club members.