The CBRE Tri-State investment team represented the Rockland Warehouse Center Corp., a single purpose entity advised by Clarion Partners on behalf of one of its institutional clients. Jeff Dunne and partner Chris McManus of the Tri-State investment team, as well as James B. Tully of CB Richard Ellis' Paramus, NJ office, collaborated on the transaction and secured the buyer. The sale price for the 892,943-sf complex breaks down to $50.68 per sf.

Dress Barn is the largest tenant at the complex and uses the facility as its corporate headquarters and a distribution center. Also occupying space at the property are Xerox and Par Pharmaceuticals. The facility is 100% leased and there are no lease expirations prior to April 2007, CB Richard Ellis officials note.

The property, known as the I-87/287 Distribution Center, is directly off the New York State Thruway and is located approximately three miles from the interchange of I-87 and I-287.

"Dress Barn has acquired a high quality strategic asset that is well suited to their corporate needs as well as being an outstanding long term real estate investment," Dunne says. The property was on the market for sale less than six months.

Several weeks ago, Dress Barn reported disappointing quarterly earnings due to what it termed a difficult holiday retail season. Net income for the second quarter ended January 25, 2003 was $4.7 million, or $0.15 per diluted share. This compared to $7.1 million, or $0.19 per diluted share for the corresponding fiscal quarter ended January 26, 2002. Net sales for the quarter decreased two percent to $167.4 million compared to $171.2 million for the same quarterly period last year. Comparable store sales decreased five percent, company officials reported.

As of Jan. 25, 2003, the company operated 761 stores (199 Dress Barn, 57 Dress Barn Woman and 505 combination stores) in 44 states.

With the closing of the I-87/287 Distribution Center, CBRE says that it is a currently marketing a number of notable properties in the Westchester-Connecticut region including: High Ridge Park, a 498,000-sf, office park in Stamford, CT; One Research Dr., a 155,571-sf office building in Shelton, CT and 3191 Broadbridge Ave., a 138,112-sf headquarters facility in Stratford, CT.

Instant Insights /

Dress Barn Buys Corporate HQ for $45.2M

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