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, 9,000sq.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 Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.