160-162 Route 4 East in Paramus — Courtesy: CBRE
By Joshua Burd
The site of a former Dressbarn store in Paramus has changed hands for more than $2 million, following a transaction arranged by brokers with CBRE.
The real estate services firm on Thursday announced the sale of 160-162 Route 4 East, a freestanding, 9,000-square-foot building that housed the retailer for more than four decades. Lee-Henig Elona sold the property to W Brothers Realty, which made the purchase in conjunction with SMRE Group, for $2.15 million.
CBRE’s Samuel Bernhaut and Nicole Nannola represented the seller, while Shane Wierks of Jeffery Realty represented the buyer.
“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,” Bernhaut and Nannola said in a joint statement. “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 the now-defunct retailer, 160-162 Route 4 East is easily accessible from the Garden State Parkway and Route 17, offering direct access to Paramus Road.
