MARCUS & MILLICHAP ARRANGES $3.2M SALE OF NET-LEASED PROPERTY
SPRING LAKE HEIGHTS, N.J. — Marcus & Millichap has arranged the ground lease sale of Investors Bank, a net-leased property in Spring Lake Heights. The 3,921-square-foot property sold for $3.2 million. The property has a 20-year corporately guaranteed ground lease with 10 percent rental increases every five years. Additionally, the property is an absolute-net ground lease with no landlord management. Michael Shover and Matthew Gorman of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller. Shover and Gorman also secured and represented the buyer, a limited liability company, in the transaction. Michael Fasano, also of Marcus & Millichap, assisted with the transaction.