Marcus & Millichap has successfully completed the sale of BJ’s Wholesale Club, a retail property located at 110 Longview Dr. in Bangor, ME. The property spans over 91,828 square feet and was sold for $12,460,350.
According to Adam Cohen, first VP investments at Marcus & Millichap: “We received significant interest from multiple institutional buyers for this deal.” In the end, they chose a buyer who owns several BJs locations across the country and were confident that they would efficiently close the deal – which is exactly what happened.
The marketing of this property was handled by Cohen and Brett Kilar from Marcus & Millichap’s Boston office on behalf of the seller. They were able to secure a large nationally recognized REIT as the buyer. Thomas Shihadeh served as Maine’s broker of record for this transaction.
Situated on a 13-acre lot in Bangor’s primary retail corridor near major retailers such as Target,
Lowe’s and Walmart sits BJ’s Wholesale Club. It is also located near a popular shopping center spanning over 60 acres.The property operates under an NN lease with rent escalations every five years backed by its corporate entity.
This successful transaction marks another milestone achievement for Connect CRE .
