News

BJ’s Developer Sells Property for $26.5 Million

In what was described by one local developer as a common practice in the industry, developers who did the “heavy lifting” to win approvals and concessions from a jurisdiction, to sign up a tenant for the site, and to transform and build on it, have walked away with the fruits of their labors. JBG Rosenfeld Retail closed a deal on Sept. 1 to sell the 8.5 acre site on which the new, 88,000-square foot  BJ’s Wholesale Warehouse now sits (and will open this weekend), for a sweet $26.5 million to Zuckerman Gravely Development, Inc., the Washington Business Journal reported last week.

A “tax-sharing” concession that the developer secured from the City of Falls Church will not be affected by the sale, nor will the 60-year ground lease with BJ’s.