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NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Key Facts

Year Built 2002
Building Area
Land Area ()

Property Description

JLL is pleased to exclusively offer the opportunity to acquire a single tenant property corporately leased to BJ’s Wholesale Club (the “Property”) in Bowie, MD. The BJ’s Wholesale Club offering is inclusive of a BJ’s Gas Station and has a NNN lease structure with zero landlord responsibilities, ideal for the passive investor. The offering includes an assumable loan with attractive debt, relieving buyers from the worry of seeking financing during the pandemic. With 1.5 years remaining on their original 20-year lease, BJ’s Wholesale Club recently exercised three (3) consecutive five-year options to extend the term an additional fifteen (15) years, demonstrating commitment to this location. BJ’s Wholesale Club currently has 16.5 years remaining on their Lease. BJ’s Wholesale Club (NYSE: BJ), an essential retailer, is a membership-only warehouse club chain which operates on the U.S. East Coast as well as Michigan and Ohio. Year-over-year, the pandemic-proof grocery warehouse club has seen total revenues increase by 16% and membership fees increase by 11%.


BJ’s Wholesale Club is located off of Robert Crain Highway (US-301), a major thoroughfare in the area and home to 61,550 vehicles per day. Additionally it is located within in close proximity to nationally recognized retailers such as Lowe’s, The Home Depot, Walmart, Target, Giant, Kohl’s, Big Lots, Chick-fil-A, AutoZone, Valvoline, Wendy’s, Applebee’s and Bob Evans, helping drive more consumers to the area. This BJ’s Wholesale Club is strategically located twenty (20) miles south of Baltimore, twelve (12) miles northeast of Washington, D.C., and fifteen (15) miles west of Annapolis, with limited local competition. The nearest BJ’s is over 9 miles away, the closest Costco is just under 10 miles away, while the nearest Sam’s Club is over 22 miles away. 


During the height of the pandemic, BJ’s Wholesale Club had a very strong third quarter of fiscal 2020, with adjusted EBITDA increasing 57% year-over-year, operating income increasing 88% year-over-year, and digitally enabled sales growth increasing approximately 200% for the third quarter of 2020. BJ’s Wholesale Club, in June of 2020, had their credit rating upgraded to ‘Ba2’ (Moody’s) and ‘BB-‘(S&P) exemplifying the retailer’s positive outlook moving forward. 


Investment Highlights

  • BJ’s Wholesale Club (NYSE: BJ), an essential retailer, is a membership-only warehouse club chain which operates on the U.S. East Coast as well as Michigan and Ohio. Year-over-year, the pandemic-proof grocery warehouse club has seen total revenues increase by 16% and membership fees increase by 11%. 
  • The BJ’s Wholesale Club offering is inclusive of a BJ’s Tire Center and BJ’s Gas Station and has a NNN lease structure with zero landlord responsibilities, ideal for the passive investor. BJ’s Wholesale Club recently exercised three (3) consecutive five-year options to extend the term an additional fifteen (15) years, demonstrating commitment to this location.
  • During the height of the pandemic, BJ’s Wholesale Club had a very strong third quarter of fiscal 2020, with adjusted EBITDA increasing 57% year-over-year, operating income increasing 88% year-over-year, and digitally enabled sales growth increasing approximately 200% for the third quarter of 2020. 
  • BJ’s Wholesale Club, in June of 2020, had their credit rating upgraded to ‘Ba2’ (Moody’s) and ‘BB-‘(S&P) exemplifying the retailer’s positive outlook moving forward. 
  • BJ’s Wholesale Club is located off of Robert Crain Highway (US-301), a major thoroughfare in the area and home to 61,550 vehicles per day. Additionally it is located within in close proximity to nationally recognized retailers such as Lowe’s, The Home Depot, Walmart, Target, Giant, Kohl’s, Big Lots, Chick-fil-A, AutoZone, Valvoline, Wendy’s, Applebee’s and Bob Evans, helping drive more consumers to the area. 
  • The number of households within a 5-mile radius of the Property has grown over 5% since 2010, with the affluent population earning an average income of $155,437 annually.


Last Updated Date: 04 Dec 2020
Marc Mandel
Managing Director, Capital Markets
Jordan Lex
Jordan Lex
Senior Director, Capital Markets
License details
DC-SP98373803 MD-647016 VA-0225189318

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Last Updated Date: 04 Dec 2020

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