OAKS, PA-The BJ’s Wholesale Club at the Marketplace at Oaks here has been listed for sale at an asking price of $27.6 million, according to Marcus & Millichap Real Estate Investment Services, which is representing the seller, a Philadelphia-based developer. The cap rate, according to its LoopNet listing, is 6.5%.

The store has 13 years remaining on an absolute net lease, with rents to rise 8% every five years, Dean Zang, a senior director of Marcus & Millichap’s National Retail Group, said in a prepared statement. The next rent increase will occur in November 2014.

“While BJ’s does not report sales at this location until the end of its ninth lease year, general discussions with the tenant indicate that this store is highly successful,” Mark Taylor, also an M&M senior director, said. “As a function of the strong location and the attractive lease structure, investors are being offered the unique ability to purchase this property with new debt in the low 4-percent range.”

Located just off the expanding Route 422 corridor, the property was a build-to-suit for the tenant in 2008 and opened in 2009 as a part of the phased development of the 2,000,000-square-foot the Marketplace at Oaks. Lowe’s Home Improvement, Target and Regal Cinemas are co-anchors in the project.

Zang and Taylor brokered sales of BJ’s Wholesale Clubs in October 2010 and in October 2008. In addition, Marcus & Millichap recently negotiated the sale of a retail condominium in Voorhees, NJ, net-leased to BJ’s, for $15.9 million to H&R REIT of Canada.

On September 30, 2011, BJ’s Wholesale Club was acquired by Beacon Holding Inc., an affiliate of Leonard Green & Partners, L.P., and funds advised by CVC Capital Partners for $51.25 per share in cash.