ALLENTOWN, PA-The BJ's Wholesale Club here has been purchased by Agree Realty Corp. of Farmington Hills, MI for approximately $10.6 million.
The 112,230-square-foot BJ's Wholesale Club on Airport Road South has been in operation for more than 20 years. The property was expanded to include a fuel facility in 2001.
"We are extremely pleased to add BJ's Wholesale to our portfolio of industry leading retailers," said Joey Agree, president and CEO of Agree Realty. "This acquisition brings year-to-date total volume to approximately $70 million. Our acquisitions team continues to source high-quality, value-add opportunities that are accretive and complement our portfolio of net lease assets."
Agree Realty is primarily engaged in the acquisition and development of single-tenant properties net leased to industry leading retail tenants. The company currently owns and operates a portfolio of 128 properties in 33 states that contain approximately 3.8 million square feet of gross leasable space.
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