NAI DiLeo-Bram & Co. arranged the sale of a 3,600-square-foot retail property located at 30 Monmouth St. in the heart of Red Bank, Monmouth County’s dynamic downtown district.
The firm’s brokerage team of Kelly Bayer, associate vice president, and David A. Simon, chief operating officer, exclusively represented the unnamed seller.
The property has a long-term lease with Agra Indian Masala, which specializes in authentic Indian Cuisine, and was acquired by the buyer for investment purposes. Previously, Monmouth Music was based at the property for 31 years, during which time it was popular among novice and well-known guitarists.
“This sale emphasizes the enduring appeal of prime retail space in Red Bank, which has emerged as an urban-chic hotbed as well as the gateway to the Jersey Shore,” Bayer said. “This property’s strategic Monmouth Street location, excellent visibility and access to a high-foot-traffic consumer base rendered it an extremely attractive investment opportunity.”
The retail building, situated in one of the state’s most in-demand commercial corridors, offers a prime location for a variety of retail uses, including food and beverage. Its location adjacent to the White Street Municipal Parking Lot further enhances its appeal.
Downtown Red Bank is home to an eclectic mix of boutiques, art galleries and specialty shops as well as regional and national retailers. The borough’s culinary scene is equally impressive, with a variety of restaurants ranging from casual fare to fine dining.
For arts and culture enthusiasts, Red Bank is home to the Count Basie Center for the Arts, a world-class performance venue, as well as the Two River Theater, a popular regional theater company. The town’s lively nightlife scene features a variety of bars, clubs and live music venues.
“Red Bank, NJ, is a highly desirable location for retailers due to its affluent customer base, high foot traffic, and strategic location. The downtown area has attracted a variety of operators from small, independently owned shops to larger brands. As a result, rents and property values have been increasing making the area appealing to real estate investors,” Simon said.
The buyer was represented by Melina Bradley and Jillian Abbadessa of Keller Williams Realty West Monmouth in the transaction.
