Dress Barn Buys Corporate HQ for $45.2M

SUFFERN, NY-Dress Barn Inc., which has occupied the 30 Dunnigan Dr. property here for the last nine years, has decided it would rather own than rent. The specialty fashion retailer has acquired the nearly 900,000-sf property for $45.2 million, according to officials with CB Richard Ellis, which brokered the deal.

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.