Kunofsky and Fasano of Marcus & Millichap arrange $1.025 million sale

Marcus & Millichap Real Estate Investment Services arranges the sale of Shell Gas Station, a 1,305 s/f net-leased property according to J.D. Parker, vice president and regional manager of the firm's Manhattan office. The asset commanded a sale price of $1.025 million. Glen Kunofsky, executive vice president investments in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was also secured and represented by Kunofsky. Michael Fasano, broker, assisted in closing this transaction. Shell Gas Station is situated at 103 Taunton Blvd. at the intersection of Tuckerton Rd. (State Route 603) and Taunton Blvd., providing access to the gas station from both thoroughfares. The subject property has 15 years remaining on a 20-year absolute triple-net (NNN) lease and is guaranteed by one of the largest petroleum distributors in the United States. "This transaction represents the strength of the net-leased market, proving a renewed demand for the transactions that weren't necessarily getting done two years ago," says Kunofsky.