Ocean Beach Marine Centers Sale/Leaseback
Retail | 7.00% CAP
Marketing description
Marcus & Millichap is pleased to exclusively present 3245 NJ-35, Lavallette, Ocean County, New Jersey.
Investment highlights
TENANT(S)
•Ocean Beach Marine Centers (OBMC) has two locations along the Barnegat Bay (Lavallette and Lanoka Harbor)
•Lavallette is a full-service marina with 263 total slips, repair shop, sea-towing, and restaurant
•OBMC owns the basin including the submerged land
•OBMC has been in business since 1958 and under current ownership since 2002
LEASE(S)
•New 10-year absolute net lease – no landlord responsibilities
•3% annual increases
•2-5 year renewal options
•Personal guarantee with an approximate $45M net worth
•OBMC has long term leases at the property across the street for 125 cars and 100 boats (sister owned property)
LOCATION/ MARKET
•Prime location on Route 35 along Barnegat Bay just 2 blocks to the beach
•15 minutes to F Cove and 30 minutes to Tice Shoats, popular boating destinations
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