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.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription