By Joshua Burd
Mack-Cali Realty Corp. has signed a 40,000-square-foot lease with a national fitness operator at a shopping center near one of its flagship office parks in Morris County.
The real estate investment trust said Monday that it had reached an agreement with 24 Hour Fitness, which will occupy the retail property at Sylvan Way and Ridgedale Avenue in Hanover. The operator will join the 134,000-square-foot Wegmans store that is now under construction at the shopping center and slated to open in late July.
For Mack-Cali, the long-discussed deal is another step toward diversifying its suburban real estate holdings.
“Mack-Cali is thrilled about bringing 24 Hour Fitness to the Parsippany/Hanover area,” CEO Michael J. DeMarco said in a prepared statement. “24 Hour Fitness will join Wegmans as key amenities not only for our office tenants and residents in the area but also the entire community.”
Mark Needle of Triumph Realty Group represented Mack-Cali in the 24 Hour Fitness transaction and the Wegmans deal, according to a news release. Pierson Commercial represented 24 Hour Fitness.
Headquartered in San Ramon, California, 24 Hour Fitness is a leading fitness industry pioneer with nearly 4 million members in more than 400 clubs across the U.S., the news release said. The new club will feature personal training services, popular group exercise classes and a variety of strength, cardio, and functional training equipment.