Wegmans Retail Plaza In Parsippany Sells For $46 Million

PARSIPPANY, NJ — The Wegmans Retail Center sold for $46 million, JLL Capital Markets announced Tuesday. Wegmans Food Markets anchors the property, which is also leased to Panera Bread and includes the sale of properties for nearby restaurants Capital Grille and Seasons 52.

JLL marketed the property on behalf of Mack-Cali Realty Corporation and represented the buyer, who they did not identify.

“We have seen a significant increase in retail interest overall but specifically in the longer-term credit leases," said Jose Cruz, JLL's senior managing director. "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.”

The 133,276-square-foot shopping center has 62,060 residents within a 3-mile radius, who earn an average annual household income of $163,632, according to JLL.

No stores are expected to close, according to the Daily Record. Wegmans opened in 2017, with 24,000 shoppers visiting on opening day. Two-thousand shoppers were already in line by the time of opening.

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