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Real Estate Journal — Shopping Centers — October 27 - November 9, 2017 — 7A


M id A tlantic

Developer sets sights on further transformation of brownfield into green field Key Props. attains preliminary approval for solar array at Hanover Crossroads in Cedar Knolls, NJ

EDAR KNOLLS, NJ — The site of a long- abandoned property in the Cedar Knolls section of Hanover Twp. houses afford- able housing and a new shop- ping center. Its master plan- ner, brownfield redevelopment specialist Key Properties now anticipates a portion will be home to a solar farm providing renewable energy to its retail tenants. Key Properties purchased the property located at the intersection of Ridgedale and East Hanover Aves. in 2004 and successfully applied for brownfield designation through the New Jersey Department of Environmental Protection. Key Properties and the former occupant, Berlex Laboratories (subsequently acquired by Bayer Pharmaceuticals), then performed in-depth site reme- diation to ready the campus for redevelopment. Working closely with Ha- nover officials, Key Properties subdivided the property, and in 2010 the municipality rezoned approximately 16 acres from office/industrial to multifamily affordable housing and 27 acres to retail. The township then C

Environmental Protection Agency and final site plan ap- proval from the municipality. Additionally, the solar array must be fully engineered and technical details finalized. As part of the Hanover Cross- roads project, Key Properties widened East Hanover Ave. – a county road – and installed an additional traffic light, in ac- cordance with Morris County’s East Hanover Ave. Corridor Traffic Study. This initiative enhanced overall vehicular flow and improved truck ingress/ egress for an adjacent Morris County DPW facility. The rezoning from office/ industrial to retail at the Ha- nover Crossroads site also has spurred a revitalization along this heavily trafficked corridor. Hanover Crossroads sits di- rectly across from theWalmart- anchored Cedar Knolls Plaza. Following the Hanover Cross- roads project launch, a new, highly successful ShopRite location was developed and opened nearby, BJ’s Wholesale Club was approved for an 18- acre site on East Hanover Ave., and Lidl also received approv- als for a new location adjacent to Hanover Crossroads. n for financing or inspections. A detailed property informa- tion package, terms of sale, title commitment, property description, photographs and more are available online at WarnerRealtors website . About Warner Real Estate and Auction Company- A fam- ily-owned business founded in 2006 and based in Wood- stown, NJ., Warner Real Es- tate and Auction is comprised of highly trained individuals with backgrounds in auction- eering, real estate, account- ing, construction, finance, banking, sales and market- ing. The firm is dedicated to a superior code of ethics with the highest degree of profes- sionalismwho reputation has and continues to be built on managing one successful sale and auction at a time. n

Cedar Knolls

approved the 16-acre parcel for 78 residential units; Key Properties sold the residential land to the Ingerman Group, which has since developed the affordable housing community. “This property sat fallow for 20 years,” said Key Properties’ David Schlussel , co-managing partner of the full-service real estate development, construc- tion and management firm. “To remediate a brownfield site and see it turned into affordable housing and a new shopping center is very exciting. Now we are setting our sights on adding green power to complete the site’s transformation.” Brownfield to Green Field

Earlier this year, Hanover Twp. provided preliminary approvals for Key Properties to install a solar farm on a low- occupancy-use parcel capped during the property’s envi- ronmental remediation. “We are optimistic about our plan to generate clean, renewable power,” said Marc Schlus- sel , co-managing partner. “Solar is the perfect solution to engage this regulated area in a productive use, and we are thrilled that Hanover Town- ship sees the same potential and benefit.” Hanover Township Mayor Ron Francioli shares this en- thusiasm. “Hanover applauds

the responsible actions of our corporate and industrial neighbors such as Key Prop- erties, as they seek to employ solar energy as a means to conserve resources and the environment,” he said. Looking to the future has been part of the Hanover Crossroads development from the start. As part of the in- frastructure improvements at Hanover Crossroads, Key Properties provided access for the future solar field. The Schlussels acknowledge there are many additional steps to take before the solar array can be erected, including get- ting sign-off from the U.S.

Warner Real Estate to sell Salem County, NJ retail complex

Salem, NJ – Warner Real Estate & Auction Company , a full service real

estate bro- kerage and auction mar- keting firm will be sell- ing a 2-unit, 13,879 +/- s/f retail com- plex for the County of Sa-

Rich Warner

lem. The property is located at 110 5th St. in Salem, NJ and has a gross annual income of $83,835.00. Family Dollar leases 7769 +/- s/f and 6000 +/- s/f is currently vacant. The building sits on 1.47± acres and has parking for 75 vehicles. According to Rich War- ner , president and founder of Warner Real Estate and

110 5th St.

Auction Company , “This is a golden opportunity for an investor. This property has annual rental income of over $83,000 per year with rent growth potential with the second unit. There is minimal landscape and maintenance required and the tenants pay

utility providers directly for gas and electric usage. With a starting bid of only $100,000, pro forma NOI of $58,011 and rent increases built into the lease extensions this property is a great addition to an inves- tor’s real estate portfolio.” The Property may be ac-

cessed for inspection on Sun- day November 5th, 2017 from 12:00 – 2:00 PM. Online bid- ding will be available from November 2nd , 8:00 AM thru November 8th, 10:00 AM EST. The Property is being sold in “AS-IS” condi- tion with no contingencies

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