Investment activity along the Jersey Shore remains highly competitive as ICON Real Estate Advisors announced the successful $19.35 million sale of a premier mixed-use portfolio in Long Branch.
The transaction features The Pavilion, a newly constructed 46-unit multifamily building at 165 Pavilion Avenue which traded for $18 million, alongside an adjacent retail asset at 231 Third Avenue that commanded $1.35 million.
ICON Real Estate Advisors acted as the sole broker in the transaction, representing both the seller, Jebara Partners, and the buyer, Henshaw Realty.
The buyer, Henshaw Realty, secured the prominent coastal properties to satisfy a 1031 exchange requirement following the recent divestment of an asset in New York City. Conversely, the seller and original developer, Jebara Partners, chose to capitalize on the strong market demand for Shore real estate to redirect capital toward its core investment portfolio in Northern New Jersey.
“Well-located multifamily assets in coastal New Jersey markets continue to see strong investor demand, including from 1031 exchange buyers seeking stable, income-producing opportunities,” David Jarvis of ICON Real Estate Advisors said. “We were pleased to facilitate a smooth transaction that closed efficiently for both parties.”
The portfolio blends stable, long-term commercial cash flow with modern, transit-oriented residential apartments:
- The Pavilion (165 Pavilion Ave): Completed in 2021, this five-story premier residential building features 46 modern rental units outfitted with high-end finishes and highly desirable private outdoor spaces.
- Retail Property (231 Third Ave): The adjacent commercial space is 100% leased and anchored by established, long-standing neighborhood staples Dunkin’ and Sushi on Fleek.
Both properties benefit significantly from their prime location, situated just blocks from the beach and within walking distance to the Long Branch NJ Transit train station, offering a seamless commute to New York City and robust regional connectivity.
