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by CareyBot

New Jersey brokerage Gebroe-Hammer recently arranged the $20 million sale of Lenox Plaza in West Paterson, N.J. Midland Park, N.J.-based Azarian Group purchased the 50,000-square-foot shopping center from Fairfield, N.J.-based Realty Management. "This was an unusual deal because it took nearly an entire year to finalize," said Gebroe-Hammer's Robert Ploshnick, managing director. "A major setback occurred when the center's major tenant, Harrow's moved out while the buyer was in the midst of due diligence." As a result, nearly one-third of the center's space was left unoccupied and the deal was stalled until a new tenant was signed. Earlier this year, a golf equipment retailer, Golfsmith International Inc. inked a lease for 18,502 square feet, taking the former Harrow's space. ...