Highlighting robust investor demand for income-producing coastal properties, Colliers has successfully arranged the sale of a nearly 12,000-square-foot retail asset located at 1105-1109 Memorial Drive in Asbury Park.
The fully leased property, which serves as home to the Monmouth County Habitat for Humanity ReStore, was sold through a competitive online auction in partnership with Apex Commercial Exchange. The bidding process drew significant market attention, attracting 20 registered bidders and ultimately closing at $1,890,000.
The asset was acquired by Sigman Real Estate Partners, a prominent local owner and investor looking to deepen its footprint in the Asbury Park market.
The property features roughly 139 feet of frontage along Memorial Drive, operating under a triple-net lease just blocks away from Asbury Park’s vibrant downtown and waterfront. Real estate experts note that the area continues to thrive on the back of extensive local redevelopment, which includes more than 1,700 residential units either completed, planned, or currently under construction.
“The strong bidding activity and sale result demonstrate continued investor confidence in net-leased retail assets and the long-term growth story of Asbury Park,” Jacklene Chesler, vice chair at Colliers said. “Receiving participation from 20 registered bidders and achieving a sale price of 116% of the reserve highlights both the quality of the asset and the strength of the current investment market.”
Chesler led the transaction alongside Colliers Senior Vice President Patrick Norris and Transaction Manager Brittany Leventoff.
