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The Princeton & Whitebrier |
Inclusive of the Real Estate, Operating Businesses, and Liquor Licenses Avalon, New Jersey |
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The Offering |
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CBRE is pleased to present to qualified investors the opportunity to acquire the Princeton & Whitebrier Block (the “Property”), the largest and only available full block site in New Jersey’s top resort town of Avalon, New Jersey in Cape May County. The opportunity is inclusive of the real estate, operating businesses (known as The Princeton and the Whitebrier), and two liquor licenses.
The Princeton and Whitebrier (the “Operating Businesses”) are located on the site and serve as the two most popular and well-established upscale bar and restaurant operations in Avalon. The restaurants have been successfully owned and operated by ownership for over 30 years. The Property is situated on a full block site that spans from Dune Drive to Ocean Drive and 20th to 21st Streets at the intersection of Avalon’s main commercial district & high-end residential neighborhoods. The site is across Ocean Drive from the bay and three blocks from the beach in one of the most affluent beach communities on the East Coast. In 2021, Avalon was ranked as the most expensive zip code in South Jersey and one of the top 100 most expensive zip codes in the United States with average home values surpassing $3.4 million. The average sales price of single family homes in 2022 year-to-date is over $4 million. Avalon is located on a barrier island known as the “Seven Mile Island”, which is comprised of the boroughs of Avalon and Stone Harbor to the south. For more than a century, Avalon has served as a popular vacation destination offering exclusive white-sand beaches, fishing and boating, and outdoor activities. The resort town draws a diverse mix of residents and visitors from Pennsylvania, New Jersey, Maryland/DC, and an increasing number of New Yorkers. Over the past decade, Avalon experienced a record amount of new luxury residential development to serve the influx of wealthy individuals choosing Avalon as their go-to vacation destination. This recent growth in summertime demographics has put Avalon in the same category as popular northeast resort town destinations, such as the Hamptons, Nantucket, and Martha’s Vineyard.
The opportunity offers investors a rare combination of existing cash flow from the most successful food & beverage operations on the island and significant upside through future development. The Princeton and the Whitebrier generate over $10 million in annual revenue and a new owner has the ability to build upon the legacy that ownership has created. The site spans 3.12 acres and is located in the B-1 zoning district, which allows for a mix of uses, including retail/restaurants, residential housing, among other uses. The development opportunity includes vacant land along Ocean Drive and the re-development or enhancement of the existing buildings located on the site. |
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Investment Highlights |
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Extremely Rare, Generational Investment Opportunity
- The Property has been successfully owned and operated by ownership for over 30 years. The full block site was assembled in pieces over time by ownership and offers the opportunity to buy an entire consolidated block in the most desirable location in Avalon.
- The opportunity represents the largest and only available full block site in New Jersey’s top resort town of Avalon.
- It is nearly impossible to gain full control of an entire block in the center of Avalon with a combination of (1) in-place cash flow from the most well-known and established F&B operations on the island and (2) under-utilized vacant land available for immediate development.
Existing Cash Flow from Iconic Food & Beverage Establishments with Development Upside- The Princeton and the Whitebrier are the most well-known and recognized bar and restaurants on the Jersey Shore and generate over $10 million in annual revenue per year from bar and restaurant sales.
- Given the scale and popularity of both businesses, there is virtually no competing like-kind bar and restaurant in Avalon that truly competes with the nightlife and dining that are offered at the Princeton and Whitebrier.
- The development opportunity includes vacant land along Ocean Drive and the re-development or expansion of the existing buildings located on the site.
- The site is over 3 acres in total and is located in the B-1 zoning district, which allows for a mix of uses, including retail/restaurants, residential housing, among other uses.
Premier Location within Cape May County’s Most Exclusive Beach Community - The Property is located in the Borough of Avalon, which sits within Cape May County, the southernmost county in New Jersey. Cape May is a peninsula surrounded by the Atlantic Ocean to the east and the Delaware Bay to the west.
- Tourism is a major driver of the local economy in Avalon and the larger Cape May County with direct tourism expenditures in Cape May County surpassing $6.6 billion in 2021, representing roughly 18% of the state total.
- Cape May County outpaced all New Jersey counties in food & beverage, retail, and recreation spending in 2021 and ranked 2nd in the state in tourism spending behind Atlantic County.
- Visitation statistics and spending on lodging, food & beverage exceeded 2019 in 2021, representing a full recovery with additional growth following COVID.
- Within Avalon, the site is across the street from the bay and three blocks to the beach at the intersection of the main retail district and residential neighborhoods.
- The main commercial & retail district spans from approximately 20th Street to 34th Street along Dune Drive, which includes restaurants, boutique shopping, coffee shops, and other shopping options.
High-End Demographics and Rising Residential Home Values - Avalon is located on a barrier island and is part of an affluent beach town community whose population expands exponentially during the summer season to over 35,000 people.
- The town is home to some of the most expensive and exclusive residential real estate on the entire East Coast with average home prices doubling from approximately $2 million to $4 million from 2017 to today, highlighting the Avalon’s wealthy demographic.
- In 2021, Avalon was ranked as the most expensive zip code in South Jersey and one of the top 100 most expensive zip codes in the United States.
- It is primarily a second home or vacation home market with residents and vacationers primarily coming from Pennsylvania, Central/Northern New Jersey, Delaware, Maryland, Washington DC, and an increasing number of New Yorkers.
- Since 2009, 1,034 building permits have been issued in the Borough of Avalon, representing roughly 18% of the total housing stock, highlighting the recent surge in new luxury housing construction. Most new construction involves the demolition of older housing and construction of newer, more expensive homes.
Top Northeast Corridor Resort Town Destination - This recent explosive growth in demographics has put Avalon in the same category as popular Northeast beach town destinations, such as the Hamptons, Nantucket, and Martha’s Vineyard.
- The buyer pool for high-end luxury residential housing in Avalon is continually expanding and has grown from primarily Philadelphia and New Jersey-based to include extremely wealthy buyers from the greater New York area, Connecticut, Maryland, and California.
- These out-of-town buyers are increasingly price inelastic and the demand for luxury homes on the island in the best locations has intensified.
- Avalon has also been a beneficiary of the post-COVID world with residents and vacationers increasingly spending more time at the beach and in some cases making these properties their permanent home as remote work has become more commonplace.
Convenient Transportation Access and Proximity to Major Nearby Metro Areas NYC, Philadelphia, and DC/MD
- Avalon is easily accessible for owners and visitors from Pennsylvania, Central/Northern New Jersey, New York, Delaware, Maryland, and Baltimore/Washington DC.
- Avalon is within a 2-hour drive of over 7.6 million people and over 26.9 million people are within a 3-hour drive stretching from New York City down to Washington DC.
- The drive from Center City Philadelphia to Avalon is only 1.5 hours, which has led to a large population of residents from the Philadelphia’s “Main Line” community.
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Contact Information |
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Bruer Kershner
Senior Vice President
CBRE
+1 (610) 420 2829
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Robert Fahey
Executive Vice President
CBRE
+1 (610) 251-5184
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Doug Rodio
Executive Vice President
CBRE
+1 (215) 681-8451
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THIS IS A MARKETING COMMUNICATION© 2022 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. Click to view our Privacy Policy |
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