280 Route 37 East in Toms River — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a nearly 6,900-square-foot retail property in Toms River for some $3.5 million, brokers with Marcus & Millichap announced Monday.
In a news release, the listing team said Mavis Discount Tire occupies the one-story building at 280 Route 37 East under a corporate-guaranteed net lease through 2030. The 6,853-square-foot facility sits on 1.22 acres, while nearby retailers and service providers include Ocean County Mall, Target, Lowe’s, Wawa, Chick-fil-A and Starbucks.
Marcus & Millichap’s Alan Cafiero, Brent Hyldahl and Seth Goldberg, investment specialists in the firm’s New Jersey office, represented the seller and procured the buyer in the $3.49 million deal.
“Net-leased assets with credit in New Jersey continue to draw interest from investors looking for durable cash flow,” said Cafiero, senior managing director investments with Marcus. “This Mavis location offered a long-term, absolute net lease with solid credit, ideal for this buyer’s 1031 exchange.”
