Henshaw Realty Purchases Multifamily And Retail Properties In Long Branch For $19.35M

The Pavilion consists of a 46-unit multifamily building located at 165 Pavilion Avenue & 231 3rd Avenue in Long Branch, NJ, alongside an adjacent retail property. The multifamily asset was sold for $18 million, while the retail space was sold for $1.35 million, culminating in a total sale price of $19.35 million. The property includes a 2021-built apartment complex and retail space that is fully leased, anchored by Dunkin’ and Sushi on Fleek, conveniently located near NJ Transit and the waterfront.

Summary of transaction details:

• Property Type: Multifamily & Retail
• Transaction Amount: $19,350,000
• Buyer: Henshaw Realty
• Seller: Jebara Partners
• Broker: David Jarvis - ICON Real Estate Advisors
• Units: 46
• Price Per Unit: $420,652

The transaction was facilitated by ICON Real Estate Advisors, which arranged the deal as part of a 1031 exchange. The selling entity, Jebara Partners, successfully transitioned the assets to the buyer, Henshaw Realty, enhancing their portfolio in the competitive Long Branch market.