Francis Asbury Manor, located at 70 Stockton Ave, in Ocean Grove — Courtesy: Marcus & Millichap
By Joshua Burd
An assisted living facility in Monmouth County has changed hands for $18.25 million, following a sale orchestrated by a division of Marcus & Millichap.
Brokers with the firm’s Institutional Property Advisors group represented United Methodist Communities, which sold the 131-unit, 150-bed facility in Ocean Grove, according to a news release. Built in 1949, the complex known as Francis Asbury Manor is located at 70 Stockton Ave. on Fletcher Lake.
The Institutional Property Advisors group also procured the buyer, Sage Healthcare Partners.
“One unique feature of the sale was that the ground is owned by the Ocean Grove Camp Meeting Association of the Methodist and Episcopal Church, which owns all of the ground in the entire city,” Mark Myers, IPA executive managing director, said in a prepared statement. “It was therefore necessary to identify a buyer who would find the facility attractive and would also be able to negotiate a new ground lease with the Camp Association.
“We were able to locate such a buyer from New York City.”
Myers, along with Joshua Jandris, an IPA senior managing director, and Charles Hilding, an IPA associate director, handled the assignment for the firm. J.D. Parker, senior vice president and division manager, is Marcus & Millichap’s broker of record for New Jersey.