A photo of Hanover Crossroads in Cedar Knolls — Courtesy: Key Properties LLC
By Joshua Burd
A planned 107,000-square-foot retail center at a redevelopment site in Cedar Knolls is nearly 80 percent leased, with a mix of national and regional tenants set to occupy the space.
The developer, Key Properties LLC, said Friday that tenants such as AutoZone, QuickChek and MedExpress Urgent Care have already opened at the property at 110 East Hanover Ave. Other retailers including T.J. Maxx, HomeGoods, Five Below and ULTA Beauty have also committed and reportedly are on track to open late this summer.
Known as Hanover Crossroads, the project is revitalizing what had been a contaminated site once occupied by Berlex Laboratories. The redevelopment by the Teaneck-based firm is several years in the making, following a rezoning of the site in 2010 from office and laboratory to retail.
“The site had been vacant since 1995 and was an eyesore,” Marc Schlussel, Key Properties co-managing partner, said in a prepared statement. “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, according to a news release. In addition to the completed pad-site structures housing AutoZone, QuickChek and MedExpress, the shell of the property’s main retail building is finished with interior fit-out work underway for the other four tenants.
The property, which sits at the signalized intersection of Ridgedale and East Hanover avenues, is less than a mile from a four-way interchange for Interstate 287.
“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.”
Welco Realty is the exclusive leasing agent for the complex and is marketing remaining available units from 3,600 up to 19,600 square feet, the news release said. This includes an 8,700-square-foot, multitenant restaurant pad site.
