Real Estate Journal — Spring Preview — April 24 - May 14, 2015 — 13A

M id A tlantic

SNJ R etail

By Jeffrey Sloan, NAI Mertz Cherry Hill’s Haddonfield Road is busiest distance between two points


ocation, Location, Lo- cation is the familiar mantra of developers,

new attractions to invite traf- fic from Philadelphia and the surrounding areas. On Rte. 70, there is a large cleared parcel, along with several large prop- erties that hold potential for adaptive reuse. NAI Mertz is exclusively representing sev- eral of these availabilities, and we are already seeing a great deal of interest from tenants and buyers alike. Two intriguing properties on Rte. 70 are the currently vacant Riverview Corporate Plaza and the soon-to-be va- cated Subaru of America head- continued on page 24A

site selectors and real es- tate profes- sionals. For r e t a i l e r s , that location is almost in- variably in or near a high traffic shop-

Jeffrey Sloan

ping destination. The 1.5 mile stretch of Haddonfield Rd. between the Cherry Hill Mall and Garden State Park has the unique position of connecting two of Southern New Jersey’s busiest shopping landmarks. That distinction has led Had- donfield Rd. to become one of the most in-demand retail corridors in the state of New Jersey. Haddonfield Rd. is the base of Cherry Hill’s Golden Tri- angle, the Township’s primary commercial and retail district, with Rtes. 38 and 70 compris- ing the other sides. Because it intersects both Rtes. 38 and 70, Haddonfield Rd. has always been on the radar of national retailers, and that was further heightened when Garden State Park emerged on the retail scene in 2006. Anchored by Wegmans, Home Depot and Best Buy, Garden State Park was an instant success. Over the course of the next few years, the plaza expanded to include major draws like the Cheesecake Factory and Nor- dstrom Rack. Throughout the next decade, deals and new development occurred regularly between the two retail landmarks, even during the depths of the recession. So far in 2015, we’ve completed two transactions on Haddonfield Rd. The first was an office building at a lighted intersection that will undergo conversion to retail use. The second was a two-story office building adjacent to Garden State Park that will likely introduce street level retail. Despite being an established retail district burgeoning with small and large retailers and restaurants, Cherry Hill’s Golden Triangle still holds po- tential for developers. Cherry Hill Township is reviewing whether several underutilized properties on Rtes. 38 and 70 can be designated as redevel- opment areas. The intent is to enhance the gateway into the township, potentially adding

706 Haddonfield Road, Cherry Hill, NJ — Recently sold by NAI Mertz, to be redeveloped for retail use

Pictured: Two Executive Campus | Cherry Hill, NJ | Class A Office Space Available for Lease

Mount Laurel, NJ +856 234 9600 Philadelphia, PA +215 221 1100 Southampton, PA +215 396 2900 Wilkes-Barre, PA +570 820 7700

Commercial Real Estate Services. Worldwide. 55 countries. 375 offices. 6,700 local market professionals. Build on the power of our network. ™

Made with FlippingBook - Online catalogs