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A Shore property occupied by Mavis Discount Tire recently sold in a deal arranged by Marcus & Millichap.

The brokerage announced the sale of 280 Route 37 in Toms River June 23. At 6,853 square feet, the net-leased plot sold for $3.49 million, M&M said.

The deal underscores investor appetite for stable opportunities, as 2025 produces an increase in volume for these type of deals.

“Net-leased assets with credit in New Jersey continue to draw interest from investors looking for durable cash flow,” said Alan Cafiero, senior managing director investments.

Along with Cafiero, fellow investment specialists in Marcus & Millichap’s New Jersey office Brent Hyldahl and Seth Goldberg exclusively marketed the property on behalf of the seller as well as procured the buyer. Neither parties were disclosed.

The same team also negotiated the sale of another Mavis property back in 2022.

Situated on 1.22 acres, the corporate-guaranteed net lease with Mavis Discount Tire for the Toms River location runs through 2030, according to Marcus & Millichap. Nearby retailers and service providers include Ocean County Mall, Target, Lowe’s, Wawa, Chick-fil-A and Starbucks.

Mavis Discount Tire is one of the largest independent tire retailers and service providers nationwide. The New York-based, 50-plus-year-old company boasts 1,500 locations across 26 states. In New Jersey, it has more than 100 stores.

Website NNN Trends puts the Northeast regional cap rate for Mavis locations at 5.84.

“This Mavis location offered a long-term, absolute net lease with solid credit, ideal for this buyer’s 1031 exchange,” Cafiero added.

In particular, the retail market has recorded a quarter-over-quarter increase in net-lease deals by 11% (to $3.1 billion). That’s according to CBRE, which assessed the net-lease recovery in May. And while industrial & logistics assets represented 49% of total investment volume in the first quarter of the year (up 3% year over year), at 32%, the increase of retail share jumped 25% from a year ago.