Lenox Plaza at 1750 Route 46 in Woodland Park — Courtesy: Colliers International
By Joshua Burd
A special servicer has sold a 50,000-square-foot retail complex in Woodland Park, brokers with Colliers International announced Thursday.
The real estate services firm represented the seller, LNR Partners, in its disposition of the property known as Lenox Plaza. An undisclosed buyer acquired the building at 1750 Route 46, which has had an average occupancy of 96 percent over the last seven years and is home to tenants such as Pizza Hut, Party City and Blimpie.
Colliers Executive Managing Director Jacklene Chesler led the team that arranged the sale, the terms of which were not disclosed, working alongside Matthew Brown, Patrick Norris and Frank Summers. The property’s new owner has also tapped the firm as its leasing and management agent.
“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,” Chesler said. “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.”
In a news release, Colliers noted that Lenox Plaza provides easy access to Route 46 and Interstate 80, with proximity to NJ Transit bus stops and the Little Falls train Station. The four-building complex was originally built in 1986, while the parking lot was renovated in 2018.