Marcus & Millichap arranged the sale of a Sonic ground lease in Middletown.
James McGuckin, regional manager for the firm’s New Jersey office, announced the $2.19 million sale Sept. 20.
Located at 1511 Route 35, the 1,794-square-foot property was exclusively listed by the office on behalf of the seller, a limited liability company, with investment specialists Alan Cafiero, Brent Hyldahl and Seth Goldberg handling the assignment.
According to the team, the property saw significant interest from the investment community. The buyer was not named.
“Several offers were generated which ultimately led to accepting an all cash offer from a 1031 exchange buyer who closed within 97% of asking price,” the group said in a statement.
The firm has announced other net-leased property sales recently, including a Mavis Discount Tire-occupied site and a name-brand fueling station and auto service center in Hamilton that fetched $4.15 million.i