Parkland couple pays $17M, buys Tampa BJ's Wholesale Club

BUYER: TBJ Fields LLC (managers: Kim and Steven Fields), Parkland
SELLER: RF Tampa LLC
PROPERTY: 7651 W. Waters Ave., Tampa
PRICE: $16.9 million
PREVIOUS PRICE: $18.3 million, April 2007
LAW FIRM ON DEED: Rogers Towers PA, Ponte Vedra Beach

PLANS, DESCRIPTION:
Real estate investors Kim and Steven Fields of Parkland purchased a 119,884-square-foot BJ's Wholesale Club for $16.9 million.

The price equated to $141 per square foot. That figure is higher than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar
Group.

The 8-year-old wholesale club is located at the northeast corner of Waters Avenue and Wilsky Boulevard. The building is covered under a triple net lease through 2027 that obligates BJ's Wholesale Club Inc. to pay the property taxes, insurances and building maintenance.

“This was purely an investment for us,” Steven Field says. “We have two other holdings in Tampa and feel like the Tampa market is doing well and on an upward trend. We like the tenant and location and felt that the opportunity was solid.”