ADVISORY AND TRANSACTIONAL SERVICES FOR SELLERS AND INVESTORS

BJ’s Gas – Hyannis (Cape Cod), MA – Ground Lease

590 Iyannough Road
Sold

SALE PRICE: $2,608,695
CAP RATE: 5.75%

PROPERTY HIGHLIGHTS:

  • STRONG NATIONAL CREDIT TENANT — BJ’s Wholesale Club, Inc. is a private warehouse club with over 9 million members & 213 locations in the Eastern U.S. (approximately 125 with BJ’s Gas stations available to members, at a discounted rate, & non-members); 2015 revenue exceeded $12.5B.
  • NEW 2016 CONSTRUCTION — Tenant constructed the building & all site improvements with BJ’s latest design & concept.
  • HIGH BARRIERS TO ENTRY — BJ’s Wholesale Club is the only warehouse club on the island. Cape Cod is known for its lengthy rezoning & entitlement process due in part to numerous environmental codes. Updated regulations prohibit new gas station sites in the prime retail area. These barriers give the subject property a significant competitive edge over similar property types with all permits in place & a newly constructed gas station.
  • BRAND NEW, LONG TERM GROUND LEASE — New approximately 20-year lease with rent increases throughout base term & 4 (5-year) options. Provides security & stability for the investor.
  • ABSOLUTE NNN LEASE — No landlord responsibilities — tenant pays for taxes, insurance, CAM, roof & structure. Ideal 1031/1033 exchange.
  • IDEAL LOCATION — Located along Rte. 132/Iyannough Rd. (28,400 ADT) close to Rte. 6 & Mid-Cape Hwy. and between Cape Cod Mall & Barnstable Municipal Airport. Cape Cod has 6M+ visitors each year, with population peaking in summer.
  • CLOSE PROXIMITY TO NATIONAL TENANTS — Positioned near national credit tenants such as: Whole Foods, Macy’s, Best Buy, CVS, The Home Depot, Trader Joe’s and Barnes & Noble.
  • FAVORABLE DEBT OPTIONS AVAILABLE — Property will be delivered without debt giving Buyer flexibility to keep it debt free or take advantage of favorable financing options.
  • There are no features available

$2,608,695

Price:

$2,608,695

Cap Rate:

5.75%

SF Land Area:

0.48 acres

Current NOI:

$150,000

Lease Type:

Ground

Remaining Term:

20 Years

Status:

Closed

CONTACT BROKER

Michael Zimmerman

(919) 391-9901

Michael O'Mara

(617) 239-3616

Download Offering Memorandum
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