Mack-Cali sells Wegmans-anchored center in Hanover for $46M, JLL says

Mack-Cali Realty Corp. has sold a grocery-anchored retail center in Hanover for $46 million, according to real estate firm JLL Capital Markets.

JLL said the Wegmans Retail Center at 34 Sylvan Road was sold to an undisclosed buyer. JLL marketed the property on behalf of the seller and represented the buyer in the transaction.

The 133,276-square-foot shopping center includes a Wegmans Food Markets stores and Panera Bread, and the deal includes two nearby restaurant buildings, leased to Capital Grille and Seasons 52.

“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,” Mack-Cali’s Ricardo Cardoso, executive vice president and chief investment officer, said in a prepared statement.

The JLL Capital Markets team handling the deal included Jose Cruz and Kevin O’Hearn, senior managing directors; Michael Oliver and Steve Simonelli, managing directors; and J.B. Bruno and Nicholas Stefans, directors.

“We have seen a significant increase in retail interest overall, but specifically in the longer-term credit leases,” Cruz said in a statement. “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.”