Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in a Absolute NNN leased, freestanding, BJ’s Wholesale Club investment property located in Massenal, New York. The tenant, BJ’s Wholesale Club, Inc recently extended their initial term to now have 7 years remaining with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is Absolute NNN with no landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. The property is only $39 PSF. Headquartered in Marlborough, Massachusetts, the company pioneered the warehouse club model in New England in 1984 and currently operates 243 clubs and 174 BJ’s Gas® locations in 20 states.

The subject property is located along State Hwy 37 which averages 10,400 vehicles passing by daily. The site is an outparcel to St. Lawrence Center, a 600,000 SF industrial/warehouse complex that is anchored by USPS, UHaul, Ollie’s Bargain Outlet, McDonald’s, Taco Bell, and more. The asset is located in a dense retail corridor, with numerous national/credit tenants including Home Depot, Aldi, Walmart Supercenter, T.J. Maxx, Big Lots, Tractor Supply Co., Dollar General, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Furthermore, the subject property is in close proximity to Massena International Airport, further increasing consumer traffic to the site. The 5-mile trade area is supported by over 13,000 residents and 5,000 employees. Residents within a 1-mile area of the subject property have an average household income of $78,574

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