BJ’s Wholesale Club Credit Rating & NNN Cap Rate (2026)

BJ’s Wholesale Club Business Overview & NNN Investment Profile

BJ’s Wholesale Club describes itself as a leading operator of membership warehouse clubs, operating 267 clubs in 22 states as of August 1, 2026, concentrated in the eastern half of the United States, from Maine to Florida (Form 10-Q and fiscal 2025 Form 10-K). BJ’s says it pioneered the warehouse club model in New England in 1984, that it accepts all manufacturer coupons and offers up to 25% savings on a representative basket of manufacturer-branded groceries compared with traditional supermarket competitors, and that its originating New England market has high population density (fiscal 2025 Form 10-K). BJ’s Wholesale Club Holdings, Inc. completed its initial public offering on July 2, 2018 and is listed on the NYSE, and BJ’s reports more than 25 consecutive years of membership fee income growth (fiscal 2025 Form 10-K).

BJ’s Wholesale Club Credit Rating Analysis

BJ’s credit profile changed when Fitch assigned BJ’s Wholesale Club Holdings, Inc. a Long-Term Issuer Default Rating, now BBB; the source note below gives the agency source.

Source: Fitch Ratings BBB, as of May 21, 2026. Ratings checked October 8, 2026.

In our ratings database, S&P: no verified rating; Moody’s: no verified rating. A rating at or above BBB‑/Baa3 is investment grade, so compare each agency’s rating with that line. Agency ratings alone do not show how BJ’s leases will price; compare the live asking cap rates below with those of the peer tenants in the table.

Two differences from Costco (AA) are scale (BJ’s operated 267 clubs at August 1, 2026, Form 10-Q, while Costco reported 647 warehouses in the United States and Puerto Rico at August 30, 2026, Form 10-K) and geographic concentration in the eastern United States rather than a national and international footprint. The concentration is actually a two-edged factor: it limits diversification, but BJ’s says its originating New England market has high population density and generates a disproportionate part of U.S. GDP, and its tenured membership renewal rate was 90% at the end of fiscal 2025 (Form 10-K).

BJ’s NNN Lease Structure

BJ’s Wholesale Club properties are large-format assets (clubs ranged from 44,000 to 177,000 square feet at January 31, 2026) structured as building leases or ground leases. Of 263 clubs at that date, 210 were leased, 30 were owned and 23 were BJ’s-owned buildings on ground leases; most of BJ’s operating leases for properties have an initial primary term of about 20 years, and BJ’s is generally required to pay insurance, real estate taxes and other operating expenses (fiscal 2025 Form 10-K).

BJ’s Wholesale Club NNN Cap Rate & Pricing Trends

Live asking cap rates for BJ’s Wholesale Club and comparable tenants:

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 16, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: BJ's Wholesale Club, Costco.

BJ’s Wholesale Club NNN Investment: Pros & Cons

Comparable NNN Tenants