HABcore Inc. Acquires Former Pelican Motel In Toms River For $7 Million With Brokers John Sica And Michael DeGeorge

The asset involved in the transaction is a hotel located at 3324 Route 37 East in Toms River, NJ. The sale price for the property was $7,000,000. The property was previously operated as the Pelican Motel, and it is intended for conversion into transitional housing for homeless individuals and families.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $7,000,000
• Buyer: HABcore Inc.
• Buyer's Representative: Michael DeGeorge - DeGeorge Realty
• Seller's Representative: John Sica - Newmark Associates CRE
• Date of Transaction: 07/13/2026

The transaction involved HABcore Inc., which plans to transform the property into housing solutions. The deal's negotiation process included discussions on financing, valuation, and investment terms, demonstrating the complexity and considerations involved in finalizing the agreement with all parties engaged.