A site plan for Cedar Village on Hanover Avenue in Hanover — Courtesy: RD Management
By Joshua Burd
A joint venture has landed Lowe’s as an anchor tenant at a soon-to-be-built shopping center in Hanover, where the retailer is taking nearly 120,000 square feet.
RD Management LLC and JMF Properties announced Monday that they had signed the lease at Cedar Village, a project slated for Hanover Avenue in the town’s Cedar Knolls section. Now under construction, the 118,093-square-foot home improvement store is projected to open in summer 2019.
“Morris County continues to be a top-tier destination for shoppers and we have no doubt that Cedar Village will fit right in,” said Richard Birdoff, principal and president of RD Management. “In a great location, we expect Cedar Village and Lowe’s to garner immense traffic from the Hanover community and surrounding areas.
“JMF Properties is a long-term partner of ours on multiple projects and securing this anchor retailer enhances the developments taking place in the area.”
Plans for the site also include as a 7,150-square-foot gas station and a 5,500-square-foot convenience store, according to a news release. Located between Horse Hill Road and American Road, it is the joint venture’s latest project along the heavily trafficked Hanover Avenue corridor and is just across from the Mennen Sports Arena.
Other developers and operators have flocked to the location in recent years, bringing retailers such as TJ Maxx, HomeGoods, Old Navy, Ulta and others.
“We are proud to welcome Lowe’s as the anchor tenant of this burgeoning new shopping destination we are creating in Hanover along with our partner, RD Management,” said Joseph M. Forgione, founder and principal of JMF Properties. “This is a high-income area with strong retail demand.
“We believe that Lowe’s will thrive in this location and Morris County consumers will benefit from the value it delivers to the local marketplace.”