The Hampshire Companies Announce BJ's Wholesale Club Acquisition

From The Hampshire Companies: The Hampshire Companies, a full service, private real estate investment firm, announces the acquisition of a 84,360-square-foot BJ’s Wholesale Club at 200 Crown Colony Drive in Quincy, Massachusetts from Clarion Partners. Located in a rapidly growing market outside of Boston, the acquisition provides Hampshire with an attractive long-term investment providing significant flexibility for adaptive reuse options in the future.

Less than 12 miles from Boston, the single-tenant property lies on the heavily trafficked Braintree Split, an intersection of Boston’s primary north-south artery, Interstate 93, and Route 3, which connects Boston to its densely populated suburbs with over 300,000 car trips every weekday. The nearby Quincy Adams stop on the MBTA’s red line provides even greater access to Boston and 117,000 people living within 3 miles of this location. Built in 2010, this state-of-the-art building sits on a 7.5-acre lot at the intersection of Crown Colony Drive and Centre Street with 387 parking spaces providing easy customer access.

“Our decision to acquire the Quincy BJ’s property is consistent with our strategy of acquiring high-performing stable, assets in growing markets,” said Robert T Schmitt, a Fund Manager for The Hampshire Companies. “Its proximity to Boston and the surrounding areas, as well as the long-term viability of the current tenant and exciting possible future uses as a mixed-use residential development, provide Hampshire with a well-positioned holding that will ensure long-term cash flows.”

BJ’s Wholesale Club, based in Westborough, MA, operates 210 stores in 15 states across the country employing 25,000 people. Through strategic management and well-located stores, they have grown to become the #1 Wholesaler Club in the northeast. With a membership of 10,000,000 shoppers, BJ’s offers an annuity-like stream of revenue to the stores they operate and provides landlords with a steady and reliable income stream. Occupying the entirety of the property, the Quincy BJ’s is in the middle of a long-term lease at this location with 13.5 years remaining providing Hampshire with a stable investment in a highly trafficked, densely populated location.

The City of Quincy offers an attractive demographic profile with 11 multi-family housing projects which includes 3,186 units currently under construction or recently completed.

“As Boston’s economy and population continues to grow, easily accessible suburbs like Quincy will be a popular residential destination for commuters and families and the retail opportunities present in these locations will continue to grow,” said John Goldsmith, a Portfolio Manager for The Hampshire Companies.

Chris Angelone, Nat Heald and Bill Moylan of JLL represented the seller in the transaction.

Image Courtesy of The Hampshire Companies