PITTSFIELD — The Michigan-based owner of one of Pittsfield’s largest shopping centers has purchased another piece of the city’s prime commercial real estate.
A subsidiary of Agree Realty Corp., which owns the Berkshire Crossing Shopping Center, has acquired an adjacent parcel that houses BJ’s Wholesale Club, for $19.4 million, according to documents filed at the Middle Berkshire Registry of Deeds. BJ’s and Berkshire Crossing are located next to each other on Hubbard Avenue.
Agree paid $16.8 million for the 16-store Berkshire Crossing complex which it bought from Brixmor Property Group of New York City in September 2020. The BJ’s parcel has only one tenant but includes an 88,188-square foot building. Agree Eastern LLC is the local owner of the BJs property, while Agree Stores LLC operates Berkshire Crossing.
Representatives of Agree Realty Corp., which is based in Bloomfield Hills, Mich., a suburb of Detroit, did not return a telephone call seeking comment.
Agree is a publicly traded company that acquires and develops properties it then leases to some of the country’s major retailers. Agree owned and operated 1,262 properties in 46 states that contained approximately 26 million square feet of gross leasable space as of June 30, according to its website.
Besides Pittsfield, Agree also owns state properties in Brockton, Dorchester, Fall River, Ipswich, Springfield and Taunton.
The former owner of the BJ’s parcel, LBWPIMA LLC, a subsidiary of Ladder Capital Finance, originally purchased the 8-1/2 acre site for $14.7 million from the company that developed it for BJs in 2012, four months after the Westborough-based chain had opened its Pittsfield store in October 2011. BJs operates 222 clubs and 151 gas locations in 17 eastern states.