The Pavilion at 165 Pavilion Ave. in Long Branch — Courtesy: CoStar News
By Joshua Burd
A developer has sold a new 46-unit apartment building and an adjacent retail asset in Long Branch, according to a listing team with ICON Real Estate Advisors.
The buyer, Henshaw Realty, paid a combined $19.35 million for the rental property at 165 Pavilion Ave. and the neighboring commercial space at 231 Third Ave. That allowed it to complete a Section 1031 like-kind exchange after the sale of a New York City asset, the brokerage firm said, adding that Jebara Partners sold the project to focus on core investments in northern New Jersey.
Known as The Pavilion, the five-story residential building opened in 2021 with modern finishes and private outdoor space, according to a news release. The retail property, for its part, is fully occupied by longstanding tenants Dunkin’ and Sushi on Fleek, benefiting from a location near NJ Transit’s Long Branch station and minutes from the city’s coastline.
ICON represented parties in the deal.
“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,” said ICON’s David Jarvis. “We were pleased to facilitate a smooth transaction that closed efficiently for both parties.”
