Colliers International announced it has arranged the sale of
Lenox Plaza, a 50,000 s/f retail complex located in Woodland Park, New Jersey.
The Colliers team, led by executive managing director
Jacklene Chesler, represented special servicer LNR Partners.
Colliers has also been awarded the leasing agency and management for the property by the unnamed new owner.
Over the last seven years, Lenox Plaza has boasted an
average occupancy of 96 percent with tenants including Pizza Hut, Party City
and .
It last traded in 2007 when the NJ-based Azarian Group
acquired the property for $20 million.
“Woodland Park and Northern New Jersey have been
historically desirable destinations for businesses of all sizes and across
industries because of the region’s affluent population and convenient
location,” said Chesler. “The Lenox Plaza sale is proof that despite the
difficult times in which we’re living, New Jersey’s market fundamentals are
strong and built to withstand even the most uncertain of circumstances.”
Lenox Plaza is ocated less than 20 miles from Midtown
Manhattan. The four-building complex was originally built in 1986 and the
parking lot was recently renovated in 2018.
