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Canadian REIT Buys Net-Leased BJ’s Wholesale Club for $16M

VOORHEES, NJ-Despite the chain itself being sold during the transaction, the store garnered nine offers, according to Marcus & Millichap.

By Debra Hazel | Updated on October 26, 2011

VOORHEES, NJ-Canadian real estate company H&R REIT has acquired a retail condominium net leased to BJ’s Wholesale Club at 152 Route 73 here for $15.9 million—or $138 per square foot—according to Marcus & Millichap Real Estate Investment Services, which represented both buyer and seller. But the deal wasn’t without its challenges.

Despite a sale of the tenant’s parent company mid-deal and a loan assumption involved, the transaction closed in just 90 days, Matthew Gorman, a senior associate in Marcus & Millichap’s Philadelphia office, tells GlobeSt.com. The cap rate was 7.9%.

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