East Hanover Plaza at 154 Route 10 in East Hanover — Courtesy: JLL
By Joshua Burd
SITE Centers Corp. has sold a more than 98,000-square-foot shopping center in East Hanover as part of a multistate portfolio deal valued at $126 million, brokers with JLL said Tuesday.
According to a news release, Haverford Retail Partners purchased the Route 10 property alongside assets in Easton, Pennsylvania, and Stow, Ohio. JLL noted that East Hanover Plaza has three subsidiaries of TJX Cos. as anchors, with HomeSense, HomeGoods and Sierra occupying nearly 70 percent of the owned square footage as part of a fully leased tenant roster.
The brokers added that the property at 154 Route 10 benefits from shadow anchors Costco and Target and average daily traffic counts of 35,600 along the highway. The 98,020-square-foot center also serves a consumer base in New Jersey’s second-wealthiest county, they said, while it provides convenient access to other highways such as interstates 287 and 280 and Route 24.
JLL Senior Managing Director Jose Cruz, Senior Director J.B. Bruno and Associate Michael Kavaler led the East Hanover Plaza transaction on SITE Centers’ behalf.
“We’re seeing continued strength in the retail investment market, particularly for well-located properties with national tenant rosters and stable cash flows,” Cruz said.
The Pennsylvania property, Southmont Plaza, is the portfolio’s flagship asset and spans 250,939 square feet anchored by Dick’s Sporting Goods and Best Buy, JLL said. The property’s diverse tenant roster includes national retailers Ross Dress for Less, Barnes & Noble, Staples, Michaels, Texas Roadhouse and Panera Bread, creating a merchandising mix spanning service-oriented retail, apparel, food and beverage, discount retail and electronics at the busy junction of Route 33 and Birkland Place in Easton.
In Northeast Ohio, SITE Centers sold the eight-building, 418,587-square-foot Stow Community Shopping Center that’s anchored by Giant Eagle, the region’s dominant grocer, the news release said. Other tenants include Kohl’s, Hobby Lobby, TJ Maxx, HomeGoods and various service-oriented retailers, with Target serving as a shadow anchor, in a location that’s three miles from Kent State University and draws 5.2 million annual visitors.
JLL Senior Managing Director Jim Galbally, Director Patrick Higgins and Senior Director JP Colussi led the Southmont Plaza transaction, while JLL’s Senior Director Michael Nieder, Director Brian Page and Associate John Detlaff spearheaded the Stow Community Shopping Center deal.
“The retail investment market across the United States has demonstrated resilience with strong fundamentals supporting continued investor demand,” Galbally said. “The combination of investment-grade credit tenants, exceptional demographics and dominant market positions in high-barrier-to-entry locations created significant buyer interest.”
The listing teams said the three properties total nearly 770,000 square feet of gross leasable area and boast an aggregate occupancy rate of 99 percent across 46.8 acres of prime retail real estate.
“We are seeing tremendous liquidity on large-format, high-performing open-air shopping centers in Northeast Ohio,” Nieder said. “This marks our team’s third transaction in excess of $50 million in 2025 that has garnered tremendous investor interest.”
