JLL Capital Markets said July 6 it closed the $46 million sale of Wegmans Retail Center, a fully leased, 133,276-square-foot shopping center anchored by Wegmans Food Markets, along with two nearby restaurants in Hanover.
JLL marketed the property on behalf of, the seller, Mack-Cali Realty Corp., and represented the buyer.
Wegmans Retail Center was completed in phases in 2017 and 2020. The fully occupied center is net leased to Wegmans Food Markets and Panera Bread. The privately-owned grocer only has nine locations in New Jersey, the closest in Bridgewater 27 miles away. In addition to the Wegmans Retail Center, the sale also included two recently developed restaurants along Route 10 that are leased to Capital Grille and Seasons 52.
The center is located at 34 Sylan Road in Hanover within the Parsippany Retail submarket and approximately 25 miles west of New York City. Wegmans Retail Center is in a highly visible location along Interstate 287, which serves the northern half of New Jersey.
“We are pleased to have successfully transformed this property over the course of our ownership while generating value for our investors and delivering built-to-suit developments that meet the needs of our retail tenants and the Hanover and Morris County residents they serve,” said Ricardo Cardoso, executive vice president and chief investment officer of Mack-Cali.
The JLL Capital Markets team representing the sellers was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn, Managing Directors Michael Oliver and Steve Simonelli and Directors J.B. Bruno and Nicholas Stefans.
“We have seen a significant increase in retail interest overall but specifically in the longer-term credit leases. The buyer pool for retail in general has increased since the start of 2021,” Cruz stated. “Demand for the Wegmans center was very strong from all buyer types, including institutional groups.”