Investment Offering
Avon, OH - BJ's Wholesale Club
38292 Colorado Ave | Avon, OH 44011
$14,949,000
Price7%
Cap Rate$1,046,443
NOI108,532
± SF Offering GLADescription
SRS Real Estate Partners in collaboration with Hoty Enterprises, Inc. is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, BJ’s Wholesale Club investment property located in Avon, Ohio (Cleveland MSA). The tenant, BJ’s Wholesale Club, recently executed an early renewal and is leased through November 2029. With over 24 years of operating history through the initial term and the first two extension options exercised, BJ’s Wholesale Club has demonstrated a strong commitment to the site. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.
Location
BJ’s Wholesale Club is located at the signalized, hard corner intersection of Colorado Avenue and Interstate-90 with a combined 99,800 vehicles passing daily. The property is strategically positioned at a point of ingress/egress of Interstate-90 which serves as a thoroughfare for the city. BJ’s is equipped with a gas station and is located along a dense retail stretch of the I-90 featuring retail centers highlighted by national brands including Walmart Supercenter, Costco, Home Depot, Target, Lowe’s, Menards Home Improvement, Cabela’s, Hobby Lobby, Planet Fitness, Best Buy, and ALDI. The concentration of retailers in the immediate area creates crossover exposure to the subject property. The immediate trade area consists of a densely populated, affluent residential community including the multi-unit housing sites The Village at Avon Apartments (312 units) and Timber Lake Apartments (252 units), providing a direct consumer base from which to draw from. The 5-mile trade area is supported by a population of over 108,000 residents and 40,700 employees with an average household income of $134,462 within 1-mile of the property.