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HANOVER TWP, NJ-Channel Home Centers was once a solid home improvement retailer in the Northeast, but bad times and strong competition forced it into a merger with competitor, Rickels. The combined operation finally gave up the ghost, succumbing to Home Depot, Lowe’s and other mega chains. Most of the Channel/Rickel retail locations were quickly snapped up, and now the rest of the company’s corporate properties are finding new uses.

The latest is the former Channel distribution center on Route 10 here. It’s perhaps the most interesting re-use of all–WP Commercial, Chatham, NJ, is in the process of converting the 150,000-sf, 33-acre industrial building into a 300,000-sf class A office property known as Crosspointe Technology Center.

According to David Stifelman of Cushman & Wakefield of NJ, East Rutherford, who is leading the marketing effort for the property on behalf of the developer, WP Commercial of Chatham, “the space will be tailored to the tenants’ individual needs. Whether they require office, lab space or other specialized uses, we will be able to satisfy their needs.”

The property is just east of I-287, near Route 10. Fortune 500 neighbors in this high-profile corporate neighborhood include pharma giant Novartis, Cendant, Dialogic, Prudential, Deloitte & Touche, among others. “We will not only be able to offer location, but we will also be able to offer space at below-market rents because this is a redevelopment of an existing facility,” according to Stifelman.

Aesthetically, Crosspointe Technology Center will feature a pre-cast concrete façade and glass curtain wall. It will benefit from multiple fiber carriers and dual power feeds from separate substations. The building’s loss factor will be less than 10%, Stifelman says, and it will have clear ceiling heights of up to 20 feet.

WP Commercial and its predecessor, Wellsford Properties Trust, have made their mark as one of the dominant value-added real estate owners/developers in the Garden State over the past several years.

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