JLL Brokers $46 Million Sale of Wegmans-Anchored Retail Center

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HANOVER — JLL Capital Markets has brokered the $46 million sale of a 133,276-square-foot shopping center and two nearby restaurants located in Hanover and Parsippany.

Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli, J.B. Bruno, and Nicholas Stefans of JLL represented the seller, Mack-Cali Realty Corp., and the undisclosed buyer in the transaction.

Panera Bread cafe with a drive-through is located in the Wegmans Shopping Center

Wegmans Retail Center was completed in phases in 2017 and 2020. The center is home to tenants including Wegmans Food Markets and Panera Bread. 24 Hour Fitness was also a tenant in the center, but closed at the beginning of the pandemic, within a year of its opening at the center. The retail center is located on Sylvan Way.

The recent grand opening of Capital Grille

The two recently developed restaurants included in the sale are leased to Capital Grille and Seasons 52.  Capital Grille, located on Dryden Way in Parsippany, and Seasons 52 is located on Route 10 Hanover.

Seasons 52

Capital Grille opened in April of 2021 while Seasons 52 opened in May 2021. Both restaurants are part of Darden Restaurants.

In September 2020, a joint venture led by Onyx Equities has closed on its $158 million purchase of a 10-building, 1.5 million-square-foot office portfolio in Parsippany and Madison from Mack-Cali Realty Corp. The new addition to their portfolio includes:

  • 1, 3, 5, and 7 Sylvan Way in Parsippany
  • 4, 6, and 8 Campus Drive in Parsippany
  • 2 Dryden Way in Parsippany
  • 2 Hilton Court in Parsippany
  • 1 Giralda Farms in Madison
Two Campus Drive will be demolished to make room for multi-unit housing

Mack-Cali has received approval from the Parsippany Planning Board to construct 172 Units and 35 Affordable Housing Units at 2 and 4 Campus Drive and 238 Units and 48 Affordable Housing Units at 1 and 3 Campus Drive. (Click here to read related story)

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Publisher of Parsippany Focus since 1989 and Morris Focus since January 1, 2019 both covering a wide range of events. Mr. Cahill serves as the Executive Board Member of the Parsippany Area Chamber of Commerce, President of Kiwanis Club of Greater Parsippany Foundation, Vice Chairman of Parsippany-Troy Hills Economic Development Advisory Board and Co-Host of Focus on Business, Cable TV Business Show.