Commitments by Old Navy, Restaurants Round Out Tenant Mix at New Property in Cedar Knolls, N.J.

CEDAR KNOLLS, N.J. – With the signing of three additional tenants, Hanover Crossroads in Cedar Knolls has reached 100 percent occupancy. The 107,000-square-foot Morris County shopping center – owned and under development by Teaneck, N.J.-based Key Properties LLC – has added Old Navy (12,500 square feet), IHOP (5,000 square feet) and an Italian restaurant with catering services (3,650 square feet) to its lineup.

Jerry Welkis of Welco Realty Inc., exclusive leasing agent for Hanover Crossroads, arranged the leases. Michael Friedman of Inline Realty served as leasing agent for Old Navy.

The 100 percent status marks a significant milestone in the transformation of an obsolete, former Berlex Laboratories property into an attractive, first-class shopping and social destination. Less than 18 months after Key Properties launched construction at Hanover Crossroads, T.J.Maxx, HomeGoods, Five Below and ULTA Beauty are open for business in the property’s in-line building, as are pad site occupants AutoZone, QuickChek and MedExpress Urgent Care. Famous Footwear also recently signed a lease at the property, with interior construction for that store now underway.

“We have worked diligently to make Hanover Crossroads a ‘one-stop’ option with a diverse and complementary tenant mix,” said David Schlussel, Key Properties co-managing partner. “With the addition of Old Navy, IHOP and the Italian restaurant, we have put the finishing touches on a property where area consumers will want to shop and dine well into the future.”

Located at 110 East Hanover Ave., at the signalized intersection of East Hanover and Ridgedale avenues, Hanover Crossroads sits just one mile from a four-way interchange of I-287.

Offering exceptional access, visibility and demographics, the property and its immediate trade area serve a residential population 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. Approximately 43,000 vehicles per day pass this corner property on East Hanover and Ridgedale avenues.

Key Properties is a full-service organization that invests in a diverse range of commercial property types. The firm focuses 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.