Business & Tech
Montgomery Mall Wegmans Sells For $22.6M: Report
A California investor bought the 128,000-square-foot Wegmans, a move that is not uncommon in the Philadelphia area, a report says.
NORTH WALES, PA — Wegmans at Montgomery Mall has a new owner, which purchased the grocery store in North Wales for $22.6 million according to a report.
California-based ExchangeRight bought the 128,000-square-foot store from its relatively new owners, according to the Philadelphia Business Journal.
Kohan Retail Investment Group, of Great Neck, N.Y., bought Montgomery Mall in a foreclosure sale for $55 million last November. Read more: Montgomery Mall Foreclosure Sale Ends With $55 Million Purchase
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ExchangeRight, which is headquartered in Pasadena, focuses on tenants "that operate successfully in the necessity retail and healthcare industries" in "geographically diverse locations with strong demographics and infill population centers."
Wegmans had a 10-year lease at the mall which expires next in 2023, the Business Journal reported.
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The practice of buying grocery stores in large retail sites is not uncommon for real estate investors, as the Business Journal notes.
This Wegmans location is at 500 Montgomery Mall North.
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