The basics:

• 160 Main St. sells for $2M in Matawan with potential for new apartments
• Zoned for 46 residential units, 3,040 sf retail space
• Eight units designated as affordable; development planned across three stories
• High local demand for transit-oriented housing drives strong market interest

A Main Street Matawan commercial property zoned for 46 residential units and retail recently sold on Ten-X.com.

Colliers announced the sale of 160 Main St. for $2.1 million Sept. 30. Situated downtown, the nearly 5,000-square-foot property offers proximity to the local NJ Transit rail station.

A team led by Vice Chair Jacklene Chesler, Vice President Patrick Norris and Director Matthew Cohen facilitated the transaction. TFE Properties President Carey Tajfel represented the seller.

Neither the seller nor the buyer was disclosed.

According to Colliers, prior ownership of the free-standing one-and-a-half story multi-tenant office building secured a zoning agreement with the Borough of Matawan. That change came following a Builder’s Remedy Action brought against the borough in connection with Third Round Affordable Housing obligations.

The developer, identified as 160 Main LLC in the settlement agreement, is listed with a business address of 399 Monmouth St. in East Windsor, which serves as TFE Properties‘ headquarters. In February, the Asbury Park Press identified 160 Main LLC as the property owner and an affiliate of TG Acquisitions LLC.

The deal paves the way for a three-story development in the historic area totaling approximately 44,725 square feet of residential space and 3,040 square feet of retail. The 0.64-acre lot would also support associated parking. Of the 46 included units, eight would be set aside as affordable.

Growing demand

For many years, part of the current building served as a bank and the property features a dual-lane drive-thru. According to Colliers, the site is vacant.

“The fundamentals in Matawan remain exceptionally strong, with sustained rent growth and robust buyer interest,” commented Chesler. “With multiple active bidders and multifamily development zoning already in place, 160 Main St. is a prime example of how high-visibility retail combined with multifamily potential can deliver long-term value.”

Colliers said the downtown Matawan property attracted nine active bidders. It noted local “surging demand for transit-oriented housing, where limited new supply has fueled consistent rent growth and rising home values.”

Since 2020, rents have increased an average of 5.1% in the Eastern Monmouth County Multifamily submarket, according to the firm. Meanwhile, the median price for a home in Monmouth County has jumped 62% since 2019.

Colliers says it ranks as the No. 1 auction team on Ten-X, the leading online platform for commercial real estate transactions. Other recent Ten-X deals from the diversified professional services and investment management company include:

• Somerset office building sale $4.5 million
• Parsippany, Union office deals cumulative $27 million
• Woodbridge office transaction $11 million

Colliers is also leading the sale of another development site in Matawan.

Situated in the general business zoning district, the 1.74-acre site also offers a multifamily opportunity, the firm said. Located at 98 Main St. – even closer to the local Aberdeen Matawan train station – the property offers 143 feet of frontage on the main corridor, Colliers said.

According to the firm, “Colliers is optimistic about the strong growth in Matawan, where annual rent increases are more than double the regional average, highlighting the area’s robust market momentum.”