Press Release

CBRE Arranges Sale of Former Dressbarn Retail Property at 160-162 Route 4 East in Paramus, NJ

2020 1월 30

CBRE today announced the sale of a retail property located at 160-162 Route 4 East in Paramus, New Jersey. The site formerly housed a Dressbarn women’s clothing store for more than four decades.

The CBRE team of Samuel Bernhaut and Nicole Nannola represented the seller, Lee-Henig Elona, in the negotiations with the buyer, W Brothers Realty in conjunction with SMRE Group represented by Shane Wierks.

“The new owners are strong believers in the Route 4 corridor and look forward to repositioning the asset and adding to the continued strength of the Paramus retail market,” said CBRE’s Bernhaut and Nannola. “We worked very quickly to complete the sale of the property in just six months from the notice of the lease termination from Dressbarn.”

Built in 1978 for Dressbarn, 160-162 Route 4 East is a single-story, 9,000 sq. ft. retail property located in the heart of one of the busiest retail corridors in the region with a traffic count of close to 94,000 vehicles per day. The property is easily accessible by the Garden State Parkway and Route 17 and offers direct access to Paramus Road.

The property sold for $2.15 million.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.