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HANOVER TOWNSHIP, NJ-Mack-Cali Realty Corp. has signed a deal with Wegmans Food Markets to lease 140,000 square feet for a supermarket it wants to build on Mack-Cali’s site at Sylvan Way and Ridgedale Avenue in Hanover Township.
Wegmans plans to build the store on a finished construction “pad” to be delivered by Mack-Cali. Mark Needle of Triumph Realty Group represented Mack-Cali, a real estate investment trust (REIT) in the transaction. Mack-Cali intends to secure ground leases with other retailers for an additional 40,000 square feet at the site, according to Needle.
“This was a great opportunity to put our strategically located land bank to use in a diverse manner,” says Mitchell E. Hersh, Mack-Cali’s president and CEO in a statement. Mack-Cali owns or has interests in 277 properties in the Northeast, most of them office and office/flex buildings.
Wegmans is an 80-store chain, with supermarkets in New York, Pennsylvania, Virginia, Maryland, and Massachusetts, in addition to New Jersey. The family-owned company was founded in 1916. It has been named one of the ‘100 Best Companies to Work For’ by Fortune Magazine for 15 consecutive years. This year, Wegmans is ranked Number 4 on the list.
“We’re delighted that Wegmans has joined the Mack-Cali family,” says Hersh. “A supermarket of this caliber will be a welcome addition to Hanover Township and the surrounding towns in Morris County.”
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