Colliers Brokers $2.1M Sale of 160 Main Street in Matawan 

On Oct 2, 2025

Colliers, a leading professional services and investment management company, announced the successful $2.1 million sale of 160 Main Street in Matawan. The transaction was facilitated by a Colliers team led by Vice Chair Jacklene Chesler, Vice President Patrick Norris, and Director Matthew Cohen. Carey Tajfel, president at TFE Properties, represented the seller. The nearly 5,000-square-foot commercial property was listed on Ten-X.com, a leading online platform for commercial real estate transactions.

In 2025, the previous owners of the freestanding 1.5-story multi-tenant retail/office building secured a zoning agreement with the Borough of Matawan to construct a 46-unit multifamily and retail building on the 0.64-acre property. This zoning paves the way for a 3-story development totaling approximately 44,725 square feet of residential space and 3,040 square feet of retail space, with associated parking.

Attracting nine active bidders due to its ideal location, drive-thru, and mixed-use potential, this acquisition presents the new owners with a unique opportunity to enter both the residential and commercial markets. This zoning also positions the buyer to capitalize on Matawan’s surging demand for transit-oriented housing, where limited new supply has fueled consistent rent growth and rising home values.

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

The Eastern Monmouth County Multifamily Submarket is in a period of historic growth. Since 2020, rents have increased an average of 5.1% and the median home price in Monmouth County has appreciated an astounding 62% since 2019.

Colliers is also leading the sale of a 1.74-acre site in Matawan at 98 Main Street. This development site, located in the general business zoning district, also offers a multifamily opportunity with 143 feet of Main Street frontage, within walking distance of the train. Like 160 Main Street, its downtown location offers prime visibility, with more than 12,500 vehicles passing by each day. 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.

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