Press Releases
Marcus & Millichap Arranges $12.46 Million Sale of Net-Leased Retail Property in Central Maine
February 03, 2025
BANGOR, Maine, Feb. 3, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of BJ’s Wholesale Club, a 91,828-square-foot retail property located at 110 Longview Drive in Bangor, Maine, for $12,460,350.
“We received serious interest in this deal from several institutional buyers,” said Adam Cohen, first vice president investments. “In the end, we selected a buyer who owns multiple BJs locations nationwide and whom we knew would operate quickly and efficiently in closing this deal, which is exactly what they did.”
Cohen and Brett Kilar, investment specialists in Marcus & Millichap’s Boston office, exclusively marketed the property on behalf of the seller and procured the buyer, a large nationally recognized Real Estate Investment Trust. Thomas Shihadeh is the firm’s broker of record in Maine.
BJ’s Wholesale Club in Bangor sits on a 13-acre lot in the city’s primary retail corridor, near a 60-acre shopping center and national retailers such as Target, Lowe’s and Walmart. The property operates under a corporate-backed, long-term NN lease with rent escalations every five years. Recent upgrades include a full interior and exterior renovation, a new roof and the addition of a gas and propane filling station.
“We received serious interest in this deal from several institutional buyers,” said Adam Cohen, first vice president investments. “In the end, we selected a buyer who owns multiple BJs locations nationwide and whom we knew would operate quickly and efficiently in closing this deal, which is exactly what they did.”
Cohen and Brett Kilar, investment specialists in Marcus & Millichap’s Boston office, exclusively marketed the property on behalf of the seller and procured the buyer, a large nationally recognized Real Estate Investment Trust. Thomas Shihadeh is the firm’s broker of record in Maine.
BJ’s Wholesale Club in Bangor sits on a 13-acre lot in the city’s primary retail corridor, near a 60-acre shopping center and national retailers such as Target, Lowe’s and Walmart. The property operates under a corporate-backed, long-term NN lease with rent escalations every five years. Recent upgrades include a full interior and exterior renovation, a new roof and the addition of a gas and propane filling station.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
