May 8, 2020
Colliers International arranged the sale of Lenox Plaza, a 50,000-square-foot retail complex located in Woodland Park, NJ. The firm’s Jacklene Chesler led the sales effort on behalf of LNR Partners.
Terms weren’t disclosed. Despite the uncertain economic climate, Colliers facilitated the sale of Lenox Plaza by leveraging the retail center’s strong tenant roster and consistent occupancy.
The four-building complex was originally built in 1986, and the parking lot was recently renovated in 2018. Over the past seven years, Lenox Plaza has boasted an average occupancy of 96%.
“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,” said Chesler.
In addition to closing the deal, Colliers has also been awarded the leasing agency and management for the property.
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