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Hanover Crossroads reaches full occupancy

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A drone photo of Hanover Crossroads.
A drone photo of Hanover Crossroads. - ()

After having completed three leases at Hanover Crossroads, commercial real estate firm Key Properties announced its 107,000-square-foot retail center in Cedar Knolls has reached full occupancy. The firm added Old Navy, IHOP and an Italian restaurant to the center.

“We have worked diligently to make Hanover Crossroads a ‘one-stop’ option with a diverse and complementary tenant mix,” David Schlussel, Key Properties co-managing partner said. “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.”

Old Navy signed a lease for 12,500 square feet, IHOP agreed to occupy 5,000 square feet and the Italian restaurant took the last 3,560 square feet available at the center.

Jerry Welkis of Welco Realty arranged the leases. Michael Friedman of Inline Realty served as the 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,” Key Properties said in a news release. “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.”

The property, located at 110 East Hanover Ave., Cedar Knolls, serves a residential population expected to exceed 134,000 people within five miles by 2021. The daytime population is roughly 180,000 people within the same radius and approximately 43,000 vehicles pass the corner of the property. 

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Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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