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Marcus & Millichap arrange $2.6M sale of Chase Bank Ground Lease

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Commercial real estate firm Marcus & Millichap, with an office in Elmwood Park, announced Monday the sale of Chase Bank Ground Lease, a 3,960 square-foot property located in Colts Neck, for $2.68 million.

According to the announcement, Michael Lombardi, senior associate director of the Net Leased Property Group in Marcus & Millichap represented the seller. Lombardi also secured and represented the buyer, a private investor. The absolute NNN leased bank branch sold at a 5 percent cap rate.

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