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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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