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Key Properties

Headquartered in Teaneck, N.J., Key Properties LLC is a third-generation, family-owned and operated real estate development, construction and management firm. The full-service organization invests in a range of commercial property types – with a focus on value-added potential – and is a leading expert in Brownfields redevelopment and condemnation proceedings. Concentrated in Northern and Central New Jersey, the Key Properties portfolio today includes approximately 500,000 square feet of assets and over 30 acres of developable land. Since its inception in 1970, Key Properties has completed a variety of projects including office, industrial and retail properties, as well as mixed-use developments.

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Facts 2017

Key Properties LLC
153 Fort Lee Road, Teaneck, N.J. 07666
www.key-properties.com

COMPANY OVERVIEW

Headquartered in Teaneck, N.J., Key Properties LLC is a third-generation, family-owned and operated real estate development, construction and management firm. The full-service organization invests in a range of commercial property types – with a focus on value-added potential – and is a leading expert in Brownfields redevelopment and condemnation proceedings. Concentrated in Northern and Central New Jersey, the Key Properties portfolio today includes approximately 500,000 square feet of assets and over 30 acres of developable land.

HISTORY AND PHILOSOPHY 

Since its inception in 1970, Key Properties has completed a variety of projects including office, industrial and retail properties, as well as mixed-use developments. Throughout its history, the firm has been involved in more than 1 million square feet of commercial space. Building on the legacy of their father and company founder, Abraham, co-managing partners Marc and David Schlussel continue to maintain and expand the company’s portfolio through a combination of in-depth experience, relationship building and a proactive, hands-on management style. Due to their strengths and skills, they often are brought into projects as joint venture equity and/or operating partners. The brothers’ vision and expertise working in conjunction with municipalities, state agencies, contractors, engineers, architects and brokers have led to the successful transformation of dozens of underutilized properties into valuable real estate assets.

PORTFOLIO HIGHLIGHTS

Key Properties has assembled an impressive roster of New Jersey properties and projects. Highlights include:

Hanover Crossroads, Cedar Knolls

Currently under development on a designated brownfield site, this 107,000-square-foot shopping center is located at 110 East Hanover Ave. on the former site of Berlex Laboratories. Offering an outstanding Morris County address, exceptional visibility, ample parking and strong demographics, the center has attracted a number of top national tenants including T.J. Maxx, HomeGoods, Five Below, ULTA Beauty, MedExpress Urgent Care, AutoZone and QuickChek. Construction began in 2016, and the center already is nearly 80 percent leased.

200 Route 17, Maywood

This former Sears Service Center site was subject to eminent domain for highway improvements and currently encompasses 1.2 acres of vacant land on Route 17 south, just one block from a four-way interchange of I-80. The developable parcel, which required environmental remediation, spans the Maywood/Rochelle Park border. Key Properties currently is developing plans for the site. The project underscores the firm’s expertise working through complex issues.

270 Market Street, Saddle Brook

This 78,000-square-foot warehouse and retail building was constructed on a long-term-leased land parcel. The land lease was among Key Properties’ first portfolio purchases in the mid-1980s. In late 2016, the company also acquired the fee position of the four-acre site that houses this fully-occupied building. The strategically located property is convenient to restaurants, stores, banks, highways and public transportation.

EXECUTIVE LEADERSHIP

Marc Schlussel, co-managing partner, has lectured on real estate development at New York University and served as chairman of the Teaneck Economic Development Corporation. He is a member of the Cornell University Real Estate Council and the International Council of Shopping Centers (ICSC). He is past-chair of the Cornell University Hillel Board of Trustees, and served on the Board of Trustees of Congregation Netivot Shalom and the Jewish Federation of Northern New Jersey. He earned a bachelor’s degree from Cornell University and a master’s degree in Business Administration from Cornell’s Johnson Graduate School of Management.

David Schlussel, co-managing partner, has lectured on real estate development at New York University, and was a founder and chairman of the Yale Alumni Real Estate Association. He served on the Maywood, N.J., CGG working with the U.S. Department of Energy, the U.S. Army Corps of Engineers and the N.J. Department of Environmental Protection. He serves on the board of trustees for Ramapo College of New Jersey, and sits on the boards of several local community and religious organizations. David is a member of the ICSC, chairman emeritus of NORPAC, and on the national council of AIPAC (the American Israel Public Affairs Committee). He earned a bachelor’s degree from Yale University and a master’s degree from the Jewish Theological Seminary of America.

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