1105-1109 Memorial Drive in Asbury Park — Courtesy: Colliers
By Joshua Burd
A local investor has purchased a nearly 12,000-square-foot retail property in Asbury Park for $1.89 million, in a newly announced deal by Colliers.
Brokers say the buyer, Sigman Real Estate Partners, secured the building at 1105-1109 Memorial Drive after an online auction through Apex Commercial Exchange. That generated strong competition, the listing team said, noting that the final sale price equated to a 6.9 percent capitalization rate and represented 116 percent of the reserve price.
Colliers Vice Chair Jacklene Chesler, Senior Vice President Patrick Norris and Transaction Manager Brittany Leventoff spearheaded the trade of the 11,926-square-foot asset, which is fully leased to Monmouth County Habitat for Humanity. The buyer is a prominent owner and investor in Asbury Park, the firm said.
“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,” Chesler said. “Receiving participation from 20 registered bidders and achieving a sale price of 116 percent of the reserve highlights both the quality of the asset and the strength of the current investment market.”
According to a news release, Habitat for Humanity’s Monmouth County ReStore occupies the property under a triple-net lease. It also benefits from roughly 139 feet of frontage along Memorial Drive and a location just blocks from the city’s downtown and waterfront.
Colliers added that the surrounding area continues to benefit from substantial redevelopment, with more than 1,700 residential units completed, under construction or planned. Combined with ongoing investment, a thriving entertainment scene and convenient access to New York City, Asbury Park remains an attractive destination for commercial real estate investment.
The team added that the deal marks Colliers’ fifth completed sale in Monmouth County in recent months, further demonstrating continued momentum throughout the region. That includes deals at properties such as 197 Hance Ave. in Tinton Falls, 303 Broad St. in Red Bank, 2 East Main St. in Freehold and 149 West Main St. in Freehold, while the firm is now marketing a fully approved 52-unit multifamily development opportunity via online auction, with bidding scheduled for Aug. 24 to 26, 2026.
