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. Golfsmith opened its doors on April 1.
Located at 1750 Route 46, Lenox Plaza was constructed in 1961 and has been fully rented following the new lease. The other retailers in the center consist of Party City, Marty’s Shoes, Chicken Delight, Blimpie, Executive Tans, Rockaway Bedding, Pizza Hut and TD Banknorth.