TOMS RIVER, N.J. — A commercial property at 3324 Route 37 East that formerly operated as the Pelican Motel has sold for $7,000,000, with 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 New Jersey-based nonprofit housing organization, was represented by Michael DeGeorge of DeGeorge Realty.

Sica has developed a portfolio of hospitality and restaurant properties throughout 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. Sources close to the deal described extended negotiations that touched on financing structure, property valuation, and investment terms before the parties reached a final agreement.

About the Buyer

Habcore Inc. operates under a Housing First model, placing individuals and families experiencing homelessness into permanent housing without preconditions such as employment or sobriety, then connecting residents to case management, healthcare access, and other support services aimed at long-term stability.

The Toms River property will be repurposed as transitional housing, extending Habcore’s presence in Ocean County.

The Deal

At $7 million, 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. Recognized by NJBIZ and the CoStar Group for excellence in the industry, 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.