Gebroe-Hammer inks $20m shopping center sale.

Gebroe-Hammer, one of New Jersey's most active brokerage firms specializing in the sale of multi-family, retail and commercial investment properties, has arranged the $20 million sale of Lenox Plaza, a 50,000 s/f neighborhood shopping center at 1750 Route 46 in West Paterson.

Gebroe-Hammer's Robert Ploshnick, managing director, along with Adam Kushins, area sales associate negotiated the transaction. The team represented the seller, Realty Management based in Fairfield, N.J., a long-time loyal Gebroe-Hammer client. The buyer was Azarian Group based in Midland Park, N.J.

Attorneys Allen G. Popowitz, Esq. and Ellen Kaplan, Esq. of Wolf Block Brach Eichler of Roseland represented the seller. Neil Kilstein, Esq. of Kilstein and Kilstein represented the buyer.

"This was an unusual deal because it took nearly an entire year to finalize," explains Ploshnick.

"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 the corner of Route 46 and McBride Avenue, Lenox Plaza was constructed in 1961 and has been fully rented following the new lease. Golf smith International has more than 62 retail locations across the U.S. and Canada.

The other national, franchise and regional retailers in the center consist of Party City, Marty's Shoes, Chicken Delight, Blimpie, Executive Tans, Rockaway Bedding, Pizza Hut, and TD Banknorth.

The shopping center is located in Passaic County, less than 20 miles from midtown Manhattan. Additionally, the town's demographics identify a population of 115,000 people within 3 miles of the shopping center earning an average annual household income of $82,000.

Ploshnick has been with the firm since its founding and routinely works with many loyal clients who rely on his expertise in the New Jersey marketplace.

He began his career at Gebroe-Hammer in an entry-level position, rising through the ranks to a top management position. In the past few years, he has negotiated over a billion dollars worth of transactions.

"This transaction highlights our brokerage teams' extensive expertise and their continued commitment to meet the individual needs of our clients," explains Kenneth Uranowitz, managing director.