Philips Highway BJ’s Wholesale Club sells for $23.25 million

A Michigan retail investment company bought the property, which was developed in 2005.

BJ’s Wholesale Club at 8046 Philips Highway.
BJ’s Wholesale Club at 8046 Philips Highway.
  • Real Estate
  • Share

Agree Realty Corp. of Royal Oak, Michigan, bought the BJ’s Wholesale Club at 8046 Philips Highway for $23.25 million.

Agree, based near Detroit, bought the property June 30 from 8046 Philips Highway LLC of Wellington in Florida.

The 122,149-square-foot discount retailer and its fueling facility were built on 11.18 acres in 2005.

The seller, an LLC led by Richard Kassis, paid $18.3 million for the property in 2014.

Agree Realty is a publicly traded real estate investment trust that buys and develops  properties leased to “industry-leading, omni-channel retail tenants.”

As of March 31, it owned and operated 1,908 properties in the 48 continental states and containing about 40.1 million square feet of gross leasable space. 

The site shows its holdings include five BJ’s Wholesale Clubs in Connecticut, Maine, Massachusetts, New York and Pennsylvania.

It bought the Jacksonville club through Agree Convenience No. 1 LLC.



Special Offer: $5 for 2 Months!

Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.