A commercial property at 3324 Route 37 East, which formerly operated as the Pelican Motel, has been sold for $7 million to a nonprofit that plans to convert the site into transitional housing for individuals and families experiencing homelessness.
John Sica of Newmark Associates represented the seller in the transaction. The buyer, HABcore Inc., a Monmouth County-based nonprofit serving homeless families, veterans and individuals with special needs, was represented by Michael DeGeorge of DeGeorge Realty.
Sica has developed a portfolio of hospitality and restaurant properties in Ocean and Monmouth counties, giving him particular familiarity with the type of asset involved in this sale.
The sale encompassed the former motel structure along with several additional buildings on the parcel. The deal resulted from extended negotiations that touched on financing structure, property valuation, and investment terms before the parties reached a final agreement.
The transaction reflects continued investor and nonprofit interest in repositioning underutilized hospitality assets along the Route 37 corridor for community and social-service use. Details on financing sources and specific investment terms were not disclosed.
Newmark Associates, CRE, based in Cedar Knolls, New Jersey, is celebrating 40 years as one of the state’s leading commercial real estate brokerage firms. Newmark specializes in leasing and sales of office, industrial, retail, land, healthcare, and mixed-use properties.
The firm is certified as a woman-owned business by the Women’s Business Enterprise National Council (WBENC) and is a founding member of CRESDA (Corporate Real Estate Services, Diversity Associates), serving the needs of major corporations nationwide.
