Colliers concludes sale of 119,600 s/f BJ’s Wholesale Club in Greece, NY totaling $16.85m
Greece, NY — Colliers International’s Harrisburg office represented the buyer in the purchase of a free standing BJ’s Wholesale Club (w/gas) located at 300 Bellwood Dr. in Greece, NY for $16.85 million.
The transaction is a triple net (NNN) lease structure with a CAP rate of 7.00%.The 119,600 SF building on 11.05 acres is in the Rochester submarket of New York. It has parking for 485 vehicles.
The Colliers retail team of William Aiello, George Lulos and Larry Kostelac represented the buyer (Professional Properties, LLC).
In Whitehall, PA — Derek Zerfass of Colliers International’s Allentown office represented BB&T in the sale of a 3,061 s/f free standing former bank branch building located at 2545 Mickley Ave. in Whitehall, PA for $1.15 million. The building will be demolished to make way for a new Wendy’s “fast casual” restaurant. The buyer was represented by Steve Clipman of ROCK Commercial Real Estate, LLC.
As testament to the strength of the Lehigh Valley market, there was a substantial amount of interest in the property as soon as the branch closed.