Marcus & Millichap closed the sale of BJ’s Wholesale Club, a 91,828-square-foot retail property located at 110 Longview Dr. in Bangor, ME, for $12,460,350. 

“We received serious interest in this deal from several institutional buyers,” said Adam Cohen, first VP 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, marketed the property on behalf of the seller and procured the buyer, a large nationally recognized REIT. 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.

Kansas City’s Country Club Plaza, an iconic Spanish-styled shopping district, is slated to undergo a long overdue transformation by the property’s new Dallas-based owners.

An affiliate of HP Village Partners, a luxury retail company whose principal owners are descendants of oil tycoon H.L. Hunt, father of Kansas City Chiefs founder Lamar Hunt, purchased the retail site for $175.6 million in June. The company plans an additional $100 million infrastructure overhaul of the century-old Midwest shopping and dining district.

HP Village Partners includes Heather and Ray Washburne, and Elisa and Stephen Summers, and the group also owns the luxury retail center Highland Park Village in Dallas. The improvements will include cleanup, repaving streets, storefront upgrades, lighting, landscaping and re-tenanting the center, reported the Dallas Business Journal.

Built in 1922, The Country Club Plaza is 1.3 million square feet and spans 15 blocks. The Plaza’s retail space is 804,000 square feet, and it also has 219,000 square feet of office space.

WinnCompanies has begun work on the Residences on Lincoln Square, a $51-million project to transform the historic Worcester Boys Club building and property into 80 affordable apartment homes for adults 55 and older.

The WinnDevelopment effort will employ adaptive reuse techniques to preserve and renovate the 94-year-old building as 16 apartment homes and a variety of community spaces, while erecting a new five-story apartment building alongside it to house 64 new apartments. The two buildings will be connected on the ground floor by a single-story glass walkway. Completion is expected in the spring of 2026.

“Our legacy of development in Worcester dates back a half century to the company’s founding when Coes Pond Village became one of our first new construction communities,” said WinnCompanies CEO Gilbert Winn. “Having acquired this property in 2019, we couldn’t be happier to move forward with a development that will renew this historic structure and deliver much-needed affordable housing for seniors.”

Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented United Hampshire US REIT in the sale of the Lowe’s and Sam’s Club in Kingston, NY for $36,500,000. CBRE also procured the purchaser, an institutional buyer.

Lowe’s and Sam’s Club are situated within the larger Hudson Valley Plaza, a 673,000-square-foot regional power center anchored by complementary retailers such as Walmart and PetSmart. The property is situated at the intersection of Rt. 199/209 and 9W and is within 1.5 miles of the New York State Thruway, providing both local and regional access to the center. 

The center provides stable, high-credit income through net leases with Lowe’s and Sam’s. Both Lowe’s and Sam’s have been tenants since 1996. Lowe’s recently completed a long-term renewal and has 15 years of remaining lease term, while Sam’s Club has exercised multiple options to renew its lease at the center. 

It’s a relatively new office concept…work clubs. Switchyards is an idea that came out of the effect Covid had on office use. Switchyards operates a chain of neighborhood work clubs. The clubs are open 24 hours a day, offering unlimited coffee and tea. They have meeting rooms, phone booths and spots for deep thinking. An introductory teaser offers new members eight days for $12. Memberships go up from there. For most, it costs $100 a month to join Switchyard, and each club has between 300 and 700 members.

So far, there are 13 club locations in Atlanta, Charlotte and Nashville. Switchyards plans to grow to 200 locations over the next five years.

The Atlanta Business Chronicle reports the company said it had raised $5 million to help fuel the expansion. The investment was led by San Francisco-based Bullpen Capital, with participation from existing investors Bellevue, Washington-based Cercano and Atlanta-based Overline.