Two Iconic Avalon bars Up For Sale
Just when you think changes in Avalon slowed down, another massive one will be coming to the island.
In a press release put out on Friday, the owner of the Princeton & Whitebrier announced that both of these iconic restaurants and bars are going up for sale.
For the past thirty (30) years, these two establishments have built their name up as some of the most popular and well-established upscale bar and restaurant operations in Avalon.
Two Iconic Avalon bars Up For Sale
Located at 260 20th Street and 2008 Dune Drive, these two businesses are on the same block but with different addresses. Their land combined equals up to 3.12 acres.
The opportunity represents the largest and only available full-block site in New Jersey’s top resort town of Avalon.
Those looking to invest are lucky to know that this lot is located in B-1 zoning district. This would mean that whoever purchases it can build anything including retail/restaurants, and residential housing, among other uses.
The listing goes on to say;
“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.”
This means whoever purchases this will be purchasing everything on the lot.
The listing doesn’t mention the price but if you do want to get more information you’re going to have to sign a confidentiality agreement.
Confidentiality agreements on business sales are common since they don’t want people looking at the disclosing party will provide the receiving party with confidential and proprietary information.
Not sure on what that information would be since the listing already addresses that both properties make over $10 million a year.
It does mention that “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 offered at the Princeton and Whitebrier.”
While this could be true, there are other unique bars and restaurants on the island that could make up this amount in the summer. We are talking about Avalon after all.
Since there is no asking price, how much does something like this go for?
There aren’t too many listing examples online to show sales with this kind of businesses. Currently, the Back Bay Seafood located at 8305 3rd ave in Stone Harbor is for sale for $795,000. That sale includes only really the business and the building. This lot is barely even a sliver of what is being offered so let your mind wonder how much it could be.
The better question is, who in South Jersey would have this kind of capital to purchase such land?
ICONA we are looking at you. wink wink. With their rapid growth at the Jersey shore in Ocean City, Avalon, the Wildwoods, and Cape May, this looks like the obvious winner.
We will only find out once these properties are sold and the public records release the new owner’s names.
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