BJ's Wholesale - Avon, OH
38292 Colorado Ave Avon , OH 44011-1002

BJ's Wholesale - Avon, OH - retail for sale

Download offering memorandum:

Overview



JLL is pleased to offer for sale the fee-simple interest in a long-term tenanted BJ’s Wholesale Club in a high-performing suburb of Cleveland, Ohio. BJ’s Wholesale Club, Inc. has occupied this site for twenty years and took action to further extend the lease with the first of four renewal options commencing this November. The Property is nearly 110,000 rentable square feet and generates annual NOI of $1,048,196 ($9.63 PSF), a substantially below market rate.


Investors have the rare opportunity to purchase an Asset leased to an industry leader in the US Warehouse Club Market, having exhibited Adjusted EBITDA CAGR of 12.5% since 2015. The in-place NNN lease ensures no landlord responsibilities and a passive investment structure, featuring potentially 20 more years of lease term escalating in line with inflation. The Offering represents a unique opportunity to purchase an attractive cash in-flow tenanted by a growing, profitable industry leader in a rebounding MSA.

Investment highlights


  • The Property is located in a demographically strong retail corridor with positive population growth fundamentals and a wealthy, average household income profile.
  • The Tenant is an industry leader with over $13 billion in 2018 revenue, also possessing strong adjusted EBITDA growth to the factor of a 12.5% CAGR from 2015 to 2018.
  • The US Warehouse Club market has grown by a 4.5% CAGR from 2007 to 2017 and is expected to capitalize on the continued positive tailwinds. BJ’s stands to capture a sizable portion of future industry gains due to their strong brand loyalty, membership retention rates, and diverse product offerings.
  • The Property has strong infrastructural connectivity, positioned immediately adjacent to Interstate 90 (70,000+ VPD).
  • Annual net absorption in the Cleveland retail market has averaged 990,000 square feet over the 2014 – QTD 2019 timeframe.


General
Property type Retail
Property subtype Single tenant/Standalone
Tenure type Sale/Purchase
Property address 38292 Colorado Ave, Avon, OH 44011-1002
Land in acres 14.4
Building size 108,903  ft2
Year built 1999
Financial
Price $15,529,000
Cap rate 6.75%
Current NOI $1,048,196.00
Lease

Other properties you may be interested in

  • 1165 N. Clark Retail Vertical Subdivison - Retail - Sale - Property View
    Retail
    1165 N. Clark Retail Vertical Subdivison
    1165 N Clark StChicago, IL 60610-2702
    Confidential
    18,100 ft2
    Sale/Purchase
  • 1702 Avenue U - Brooklyn, NY - Retail - Sale - Property View
    Retail
    1702 Avenue U - Brooklyn, NY
    1702 Avenue UBrooklyn, NY 11229-3812
    Confidential
    6,400 ft2
    Sale/Purchase
  • 24 Hour Fitness - Dallas, TX - Retail - Sale - Property View
    Retail
    24 Hour Fitness - Dallas, TX
    2300 Fort Worth AveDallas, TX 75211
    $13,616,000
    37,000 ft2
    Sale/Purchase
  • 2830 Mannheim Road - Retail - Sale - Property View
    Retail
    2830 Mannheim Road
    2830 Mannheim RdFranklin Park, IL 60131-2222
    $2,445,000
    4,275 ft2
    Sale/Purchase
  • 3149 Ambassador Caffery Pkwy, Lafayette LA - Healthcare - Sale - Property View
    Healthcare
    3149 Ambassador Caffery Pkwy, Lafayette LA
    3149 Ambassador Caffery PkwyLafayette, LA 70506-7209
    $17,026,208
    35,367 ft2
    Sale/Purchase
  • 3500 Youngfield  - Wheat Ridge, CO - Retail - Sale - Property View
    Retail
    3500 Youngfield - Wheat Ridge, CO
    3500 Youngfield StWheat Ridge, CO 80033-5286
    $3,175,000
    6,500 ft2
    Sale/Purchase