​​​​​​​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.
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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.