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New York & Tri-State  + New Jersey  + Retail  | 

Colliers’ Chesler Closes Sale of North Jersey Retail

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).