The asset involved in the transaction is a retail property located at 280 Route 37 in Toms River, NJ. The property spans 1.22 acres and has a total square footage of 6,853. It was sold for $3,490,000, with a price per square foot of $509. The asset is under a corporate-guaranteed net lease through 2030 and has been fully leased, attracting significant investor interest amidst a trend of rising demand for net-leased retail properties.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $3,490,000
• Asset Size: 6,853 SF
• Price Per SF: $509
• Address: 280 Route 37, Toms River, NJ
• Market: Toms River
• Acres: 1.22

The transaction was facilitated by brokers Alan Cafiero, Brent Hyldahl, and Seth Goldberg from Marcus & Millichap, who arranged the sale of the fully leased Mavis Discount Tire property, capitalizing on a broader uptick in 1031 exchange activity and investor interest in the retail segment.