Marcus & Millichap has successfully completed the sale of BJ’s Wholesale Club, a large retail property located in Bangor, Maine. The 91,828-square-foot property was sold for $12,460,350.
According to Adam Cohen, first VP investments at Marcus & Millichap: “We received significant interest from institutional buyers for this deal.” Ultimately, the buyer chosen was a national REIT with multiple BJs locations across the country. Cohen added that they were confident in their ability to quickly and efficiently close this deal – which is exactly what they did.
The marketing efforts and procurement of the buyer were handled by investment specialists Brett Kilar and Thomas Shihadeh from Marcus & Millichap’s Boston office. The firm’s broker of record in Maine is Thomas Shihadeh.
Situated on a 13-acre lot along Bangor’s primary retail corridor near major retailers such as Target and Walmart sits BJ’s Wholesale Club. This location operates under a long-term NN lease backed by corporate support with rent escalations every five years.
This successful transaction marks another milestone for Connect CRE as it continues its mission to connect commercial real estate professionals across various markets nationwide.
