Colliers arranges the sale of a 100%-leased Asbury Park retail asset via online auction

Property attracts 20 bidders and achieves 118% of reserve price

ASBURY PARK, NJ — Colliers, a leading diversified professional services and investment management company, has successfully facilitated the auction sale of 1105-1109 Memorial Dr. in Asbury Park. The ±11,926 s/f retail property, fully leased to Monmouth County Habitat for Humanity, attracted significant investor interest through a competitive online auction process.

Colliers vice chair Jacklene Chesler, senior VP Patrick Norris, and transaction manager Brittany Leventoff exclusively marketed the property in partnership with Apex Commercial Exchange, a premier online auction platform.

The auction drew 20 registered bidders and generated strong competition, ultimately achieving a final sale price of $1.89 million at a 6.9% capitalization rate, representing 116% of the reserve price. The result underscores continued investor demand for well-located, income-producing assets in growth-oriented markets.

The property was acquired by Sigman Real Estate Partners, a prominent owner and investor in Asbury Park, further expanding the firm’s presence in the market.

Located along Memorial Drive in the heart of Asbury Park, one of New Jersey’s fastest-growing coastal communities, the property is occupied by Habitat for Humanity’s Monmouth County ReStore under a triple-net lease. The asset features approximately 139 feet of frontage and is situated just blocks from the city’s downtown and waterfront.

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 NYC, Asbury Park remains an attractive destination for commercial real estate investment.

“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,” said Chesler. “Receiving participation from 20 registered bidders and achieving a sale price of 116% of the reserve highlights both the quality of the asset and the strength of the current investment market.”

The transaction marks Colliers’ fifth completed sale in Monmouth County in recent months, further demonstrating the firm’s continued momentum throughout the region. Recent transactions include 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. Colliers is also currently marketing a fully approved 52-unit multifamily development opportunity via online auction, with bidding scheduled for August 24-26, 2026.