Bob Horvath and Todd Tremblay, vice presidents of investments at Marcus & Millichap Real Estate Investment Services, have brokered the transaction of BJ's Wholesale Club ground lease.
BJ's Wholesale Club, located at 5 Ward St., signed the original 15-year ground lease on March 1, 2008, which includes one 5-year and six 10-year options with scheduled rental escalations. The 120,224 s/f building is situated on a 13.88 acre parcel off of Squire Rd., Rte. 60. The property is located in a strong retail area with regional and national tenants including: CVS, Family Dollar, Burlington Coat Factory, UNO's, McDonald's, East Boston Savings Bank, Wendy's, Dunkin' Donuts, AutoZone, Dollar Tree, PriceRite, and Taco Bell.
The sale closed at a price of $16.4 million. Horvath and Tremblay exclusively represented both the seller, Rummey Marshview, LLC and the buyer, Coventry Crossing LLC, a local investor.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.BJ's Wholesale Club, 5 Ward Street - Revere, MABob Horvath, Marcus & Millichap Real Estate Investment ServicesTodd Tremblay, Marcus & Millichap Real Estate Investment Services