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Imagine buying a retail stock and getting $750 million of real estate value for free.
That's essentially the deal that investors are getting at BJ's Wholesale Club(BJ Quote) -- and it is one reason why buyout firms may be circling.
With the recent departure of the company's chief executive, talk of a possible leveraged buyout for BJ's is heating up. Much of the interest has to do with "hidden real estate value," a retailing play made famous by Ed Lampert's successful merger of Kmart and Sears in 2004, which resulted in the giant now known as Sears Holding(SHLD Quote).
BJ's has long been tossed around as a buyout candidate because it has the qualities that private equity loves. ...
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