Full House at Suburban NJ Shopping Center

Key Properties LLC signed three new leases at the recently developed Hanover Crossroads in Cedar Knolls, N.J., bringing the asset to full occupancy.

Hanover Crossroads, Cedar Knolls, N.J.
Map of Hanover Crossroads, Cedar Knolls, N.J.

Owner and developer Key Properties LLC inked three leases totaling 21,150 square feet at Hanover Crossroads, a 107,000-square-foot shopping center in Cedar Knolls, N.J., bringing the asset to full occupancy. Old Navy signed a 12,500-square-foot lease, while IHOP and an Italian restaurant with catering will occupy 5,000 and 3,650 square feet of space, respectively.

“We have worked diligently to make Hanover Crossroads a ‘one-stop’ option with a diverse and complementary tenant mix,” Key Properties Co-Managing Partner David Schlussel said in a prepared statement. “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.

The property is located at 110 E. Hanover Ave., and sits on the site of a former Berlex Laboratories facility. Following a 2011 rezoning, Key Properties kicked off construction in May 2016, welcoming the first tenants 18 months later.

High-profile national retailers

With a diverse shopping, dining and service tenant roster, the property contributes to the commercial corridor’s revitalization. The retail center houses tenants such as T.J.Maxx, HomeGoods, Five Below, ULTA Beauty, AutoZone, QuickChek, MedExpress Urgent Care and Famous Footwear, which previously signed a 7,000-square-foot lease.

Hanover Crossroads is situated in a highly transited location, one mile from Interstate 287. It is also located adjacent to Cedar Knolls Plaza, which is surrounded by residential communities and parks.

Welco Realty Inc.’s Jerry Welkis represented the landlord in all the lease transactions, while Inline Realty’s Michael Friedman acted on behalf of Old Navy.

The Greenleaf at Union, another recently developed NJ shopping center, welcomed new retail tenants this month in Union.

Image courtesy of Welco Realty Inc.