IRVINGTON, NJ-NAI James E. Hanson has inked the $4.25-million sale of a 160,000-square-foot retail center at 468-480 Chancellor Ave. here. NAI Hanson's senior vice president Thomas W. Ryan and vice president Barry J. Cohorsky represented both the buyer and seller in this transaction.

Valley Mall Plaza is a single-story mall that sits on 11.52 acres. The building was formerly the flagship location for Valley Fair department store. The property is supported by 460 parking spaces and an on-site bus stop. Ryan tells GlobeSt.com that "the location, building structure and abundant parking make this property a good fit for the new owner, Valley Mall Plaza, LLC, a developer of urban retail shopping centers in New York and New Jersey.” He adds that “the building will be renovated to incorporate 51 various units and leasing opportunities are currently available for retailers interested in the urban and suburban discount.” The building plans to open in the spring of 2011.

Ryan and Cohorsky also worked with the lender who purchased the original conventional mortgage. Cohorsky and Ryan convinced the lender to accept their purchaser's offer after the brokers submitted detailed market opinions of value, market demographics and comparable sale prices.