Key Properties’ 107,000-SF Retail Development Revitalizing Morris County Commercial Corridor
CEDAR KNOLLS, N.J., May 31, 2017 – Recent openings by AutoZone, QuickChek and MedExpress Urgent Care, the first tenants at Hanover Crossroads in Cedar Knolls, mark a significant milestone for the new shopping center. Additional leases this spring by T.J.Maxx, HomeGoods, Five Below and ULTA Beauty have further enhanced the property’s mix of high-profile national retailers.
Currently under development by Key Properties LLC, a Teaneck, N.J.-based real estate development, construction and management company, the 107,000-square-foot shopping center is revitalizing a key Morris County commercial corridor. The highly-anticipated project is nearly 80 percent leased, with several additional tenant announcements expected in the coming weeks.
Located at 110 East Hanover Ave., at the signalized intersection of Ridgedale and East Hanover avenues, Hanover Crossroads is situated on the former site of Berlex Laboratories. The designated brownfield property sat fallow for years as many potential uses were explored and development-related issues resolved. The municipality, rezoned the site from office/laboratory to retail use in 2010.
“The site had been vacant since 1995 and was an eyesore,” said Key Properties Co-managing Partner Marc Schlussel. “Our goal was to transform the property into an attractive, first-class shopping and social destination that adds value to the community. We are making great progress toward that goal.”
Key Properties began construction on Hanover Crossroads in May 2016, completing extensive site work that included widening East Hanover Avenue and adding a new traffic signal. In addition to the completed pad-site structures housing AutoZone, QuickChek and MedExpress, the shell of the property’s main in-line retail building is finished with interior fit-out work underway for T.J.Maxx, HomeGoods, Five Below and ULTA Beauty.
“It has been exciting to watch Hanover Crossroads take shape,” said David Schlussel, Key Properties co-managing partner. “Just one year after we started, we are nearing the completion of Hanover Crossroads’ construction phase, and the property is already bringing new jobs and revenue to the community. Perhaps most importantly, Hanover Crossroads has attracted an impressive mix of complementary shopping, dining and service tenants. There’s a great synergy among them, and we are confident they will benefit from each other and drive traffic to the center.”
As exclusive leasing agent for Hanover Crossroads, Welco Realty is marketing remaining available units from 3,600 up to 19,600 square feet. This includes an 8,700-square-foot, multi-tenant restaurant pad site.
Offering exceptional access, visibility and demographics, Hanover Crossroads is strategically located directly across from the Walmart-anchored Cedar Knolls Plaza and less than one mile from a four-way interchange of I-287. The Key Properties project has significantly rejuvenated the area and spurred additional retail development. Following the rezoning and the Hanover Crossroads project launch, BJ’s Wholesale Club was approved for an 18-acre site on East Hanover Avenue, and Lidl also announced plans for a new location nearby.
Hanover Crossroads and its immediate trade area serve a growing residential population that is expected to exceed 134,000 people within a five-mile radius by 2021, and a daytime population of almost 180,000 people within those same five miles. The daily traffic count is 25,000 vehicles per day on East Hanover Avenue and 17,500 vehicles per day on Ridgedale Avenue.
Key Properties is a second-generation, family-owned and operated firm. The full-service organization invests in a diverse range of commercial property types – with a focus on value-added potential – and is a leading expert in Brownfields redevelopment and condemnation proceedings. Concentrated in Northern and Central New Jersey, the Key Properties portfolio today includes approximately 500,000 square feet of assets and over 30 acres of developable land. Since its inception in 1983, Key Properties has completed a variety of projects including office, industrial and retail properties, as well as mixed-use developments.