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Suburban Philly BJ’s on Market for $28M

OAKS, PA-The 119,689-square-foot absolute net-leased store has 13 years left on the lease, according to Marcus & Millichap, which is marketing the property.

By Debra Hazel | Updated on December 08, 2011

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.

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