Mack-Cali Realty Corp. has sold Wegmans Retail Center, a fully leased, 133,276-square-foot shopping center anchored by Wegmans Food Markets, along with two nearby restaurants in Hanover, N.J.
JLL Capital Markets 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, with the nearest in Bridgewater, N.J., which is 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 Sylvan 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. In addition, the properties serve a den
