Asbury Park Retail | 100% Occupied | NNN Lease

Highlights:

• NNN leased to local branch of a global non-profit
• Property gut renovated for the tenant in 2017
• Current rent is approximately 40% below market
• Nearby development, dining, retail and multifamily generate foot traffic
• Asbury Park has been a hotbed for investment as home prices have tripled over the past decade

Description:

Colliers, in partnership with Apex Commercial Exchange, is pleased to offer the sale of 1105-1109 Memorial Drive, Asbury Park, NJ.  1105-1109 Memorial is a ±11,926 SF single-tenant retail asset in the heart of Asbury Park.   The Property is fully leased to ReStore - Monmouth County Habitat for Humanity.  The lease is NNN.  The tenant is a branch of the global non-profit Habitat for Humanity. The tenant operates the Property as ReStore where it accepts donations and sells a diverse inventory of high-quality furniture and home goods.  


Less than a block away, Douglas Development Corporation is planning a 126-unit luxury multi-family development.  This is part of a greater development trend.  Since 2018, more than 1,075 residential units have been delivered or are slated for delivery in Asbury Park while market rent has increased 40%.

Over the past two decades, Asbury Park has ascended into one of New Jersey’s most desirable destinations.  Buoyed by a vibrant music and arts scene and a historic influx of new luxury development, the average home price in Asbury Park has tripled over the past ten years (11.6% annual growth).  Asbury Park also features a direct train to New York City, top-rated dining and nightlife options, an iconic beachfront boardwalk and access to an assortment of exclusive social clubs.

*All bidders must register with Apex Commercial Exchange (ACE) to participate in the auction event.

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