415 E Merritt Ave
Merritt Island, FL 32953
BJ's Wholesale Club: Merritt Island, FL · Retail Property For Sale

STRONG TENANT Headquartered in Westborough, Massachusetts, BJ’s Wholesale Club, Inc. (NYSE: BJ; S&P: B+) is a leading membership-only warehouse club chain operating primarily in the Eastern United States. The company currently operates 218 clubs in 16 states from Maine to Florida and employs more than 26,000 people. In June of 2018, BJ’s returned to the public markets with its initial public offering of 37.5 million shares. As of February 1, 2020, BJ’s had TTM revenue and net income of $13.2B and $187M, respectively. RECENTLY EXTENDED LONG-TERM NET LEASE BJ’s recently extended NNN lease will expire on 1/31/31 and features an 8% rent increase every 5 years in the initial term and in each of the 10-year and 5-year option periods. RECENT CAPITAL IMPROVEMENTS BJ’s is obligated to complete major improvements to the property in exchange for a $250,000 payment from the current landlord. If improvement allowance has not been fully used by Tenant prior to closing, Owner will give Buyer a credit for the balance at closing. LACK OF COMPETITION This BJ’s Merritt Island location is the only wholesale club servicing Merritt Island and all points east, including Cocoa Beach and Cape Canaveral. All other competition is located west on the mainland (Sam’s Cocoa West: 6.5 miles; Costco Orlando: 54 miles; and BJ’s Palm Bay: 29 miles). EXCELLENT ACCESS & VISIBILITY The property is situated with excellent access and visibility at the signalized intersection of East Merritt Avenue (17,700 VP) and North Plumosa Street (6,500 VPD), which intersects with East Merritt Island Causeway (41,500 VPD)—the main thoroughfare providing access to downtown Orlando (50 miles to the west) and Cocoa Beach (5 miles to the east).(50 miles to the west) and Cocoa Beach (5 miles to the east). STRATEGIC LOCATION BJ’s is strategically positioned in the region’s primary retail and commercial corridor—featuring 5.4 MSF of retail, 1.7 MSF of office, 922,300-square-feet of industrial—which is highlighted by the 810,814-square-foot Merritt Square Mall (anchors: JCPenney, Dillard’s, Macy’s, Ollie’s Bargain Outlet and Sears).