By Joshua Burd
A private investor has purchased a 1.6-acre development site in Wayne for $1.1 million, in a newly announced deal by CBRE.
The brokerage team said the property, located at 461 Route 46, is a former drive-in movie site that is easily accessible from Galesi Drive. It’s also across from the New Jersey Motor Vehicle Commission and close to the former Ethan Allen and the Bloomingdales Furniture locations, part of a busy retail corridor at the junction of several highways.
CBRE Senior Vice President Marta Villa represented the seller, Tozzo Route 46 LLC, and procured the buyer.
“With frontage on US 46, the site offers tremendous visibility from NJ Route 23 and (Interstate 80), making it ideal for a number of development options,” Villa said. “CBRE is delighted to have completed this transaction for a very special retail site along one of New Jersey’s best retail corridors.”
