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Mack-Cali Divests Wegmans-Anchored Center
JLL Capital Markets 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, NJ. The firm’s Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli, J.B. Bruno and Nicholas Stefans marketed the property on behalf of seller Mack-Cali Realty Corporation, and represented the buyer.
“We have seen a significant increase in retail interest overall but specifically in the longer-term credit leases,” said Cruz. “The buyer pool for retail in general has increased since the start of 2021. Demand for the Wegmans center was very strong from all buyer types, including institutional groups.”
Located at 34 Sylvan Rd. in Hanover, 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.
- ◦Sale/Acquisition

