3324 Route 37 East in Toms River — Courtesy: Newmark Associates CRE
By Joshua Burd
A nonprofit has acquired a former motel property in Toms River that it now plans to convert to transitional housing, according to a brokerage team with Newmark Associates CRE.
In a news release, the real estate firm said the $7 million deal includes the Pelican Motel at 3324 Route 37 East and several additional buildings on the parcel. HABcore Inc., the Red Bank-based buyer, is now set to expand its presence in Ocean County using a model that shelters homeless individuals and families without preconditions such as employment or sobriety and connects residents to case management, health care access and other support services aimed at long-term stability.
Newmark Associates’ John Sica represented the seller, the firm said, noting that he has developed a portfolio of hospitality and restaurant properties throughout the Jersey Shore region. Michael DeGeorge of DeGeorge Realty represented the buyer.
The firm added that the deal included extended negotiations that touched on financing structure, property valuation and investment terms before the parties reached a final agreement.
