http://www.bizjournals.com/alb.....7804440&page=allBJ's Wholesale Club property in Rotterdam sells for $12 million A real estate investment trust paid $12 million for the land and 115,660-square-foot building where a BJ’s Wholesale Club is located in Rotterdam, New York — and is now trying to sell the property for almost $14 million. The purchase price is eye-popping considering the discount retail warehouse is across West Campbell Road from where the struggling Rotterdam Square Mall — with 585,000 square feet — sold last year for $8.5 million, and is on the verge of being sold again. The difference in value illustrates the strength of having BJ’s Wholesale Club as a tenant compared to the dwindling rents at the largest enclosed mall in Schenectady County The sale price for the BJ’s property was revealed to Albany Business Review by Robert Iovinella, a developer who waged a six-year battle to get the store built on wetlands in the town of Rotterdam. It opened in July 1996. Building on wetlands...in the town of Rotterdam say it ain't so! |
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