MOUNT OLIVE, NJ—A local developer has acquired a Sam’s Club ground lease, a 528,382-sq.-ft. net lease property located in Mount Olive, N.J. for $9.3 million.

Mark Taylor, Dean Zang and Christopher Munley, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a New Jersey-based developer. The same team secured and represented the buyer, while Michael Fasano, broker, assisted in closing this transaction.

“This transaction demonstrates the strength of the North Jersey market and the quality of the tenant,” said Taylor. “The buyer, local to the area, knew the real estate well and was comfortable with it immediately.”