- March 27, 2024
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A South Florida realty company has purchased the BJ's Wholesale Club location on Tampa's West Waters Avenue.
TBJ Fields LLC, a company affiliated with Fields-Realty LLC of Parkland, purchased the 120,000-square-foot structure at 7651 W. Waters Ave., for $16.9 million, according to a deed filed with Hillsborough County. RF Tampa LLC of Westborough, Mass., originally purchased the building in April 2007 for $18.3 million, according to property records.
The sale was financed through TBJ assuming RF Tampa's $14.4 million mortgage through U.S. Bank National Association, according to its filing with the county. Built in 2007, TBJ paid $141 per square foot, just below the listed price of $148.
BJ's, part of the 200-store Westborough-based chain, has 13 years remaining on a 20-year triple-net lease, paying out nearly $9.63 per square foot — or $1.2 million per year -- according to Berkeley Capital Partners, in its listing. Two 5% rent increases remain on the lease, and the sellers say the chance BJ's could renew is high considering the high cost of building a new location.
That area of Hillsborough has direct retail vacancy rates of 4.7% in the fourth quarter of last year, compared to 5.4% for the entire county, according to research from CBRE Inc. The average asking lease rate in that area for triple-net is $15.14, compared to $14.91 for the rest of Hillsborough.