Retail

BJ's Wholesale - Akron, OH

1677 Home Ave Akron, OH United States 44310-1659
Asking Price S$20,840,000
Sq. Footage 109,593
NOI Net Operating Income S$1,511,000
Cap Rate 7.25%

Attributes

Year Built 1998
Lot Size 10.57 ACRES

Property Description

JLL is pleased to offer for sale the fee-simple interest in a long-term tenanted BJ’s Wholesale Club in Akron, Ohio, the fifth largest city in the state. BJ’s Wholesale Club, Inc. has occupied this site for over twenty years and took action to further extend the lease with the first of four renewal options commencing in August 2018. The Property is nearly 110,000 rentable square feet and currently generates annual NOI of $1,102,931 ($10.06 PSF).

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 NN lease ensures minimal landlord responsibilities and a passive investment structure, featuring potentially 19 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 in close proximity to State Route 59 (101,000+ VPD)
  • Annual net absorption in the Akron retail market over the trailing twelve months reached over 970,000 square feet
Pierce Owens
Pierce Owens
SVP
Licensed in
TX - 510337

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.