Wegmans leases land in Chadds Ford, plans 140,000-square-foot store
Peter Van Allen
Wegmans has entered into a long-term ground lease on land off Route 202 in Glen Mills, Pa., with plans to construct a new 140,000-square-foot store.
Wegmans has entered into a long-term ground lease on land off Route 202 in Glen Mills, Pa., with plans to construct a new 140,000-square-foot store.
The Rochester, N.Y., grocer signed the lease with Carlino Development, which recently acquired nearly 30 acres at the intersection of Route 1 and Route 202 and at the Route 1 Loop.
The new Wegmans is scheduled to open in the fall of 2015. It will be the grocery chain’s seventh store in the region and 17th in Pennsylvania.
A limited partnership going under the name D.O.H. Family was the seller. Marshall Sossand Justin Soss of KarMar Realty Group Inc. arranged both sides of the transaction.Marshall Soss declined to disclose how much the land sold for. In general, commercial land in that corridor sells on average for about $350,000 an acre.
The store will be highly visible from Routes 1 and 202 and will also have access from those roads, Marshall Soss said. It will face the Route 1 Loop Road, of which a portion will be constructed by the developer.
Carlino Development, which went under the name Chadds Ford Investors L.P. for this transaction, also plans to construct a 40,000-square-foot strip center on the site that Wegmans isn’t leasing. The developer also owns an adjacent 12,000-square-foot center that will be redeveloped and upgraded.
This project has been in the planning stages for nearly four years.
“It wasn’t an easy deal to get through,” Marshall Soss said.
The property sits in Concord and Chadds Ford, which meant the developer needed to seek approvals from both municipalities. It’s also a big project for what is a major intersection.
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