Listen to this articleSite Centers Corp. sold East Hanover Plaza as part of a retail portfolio with three neighborhood shopping centers spanning the same number of states.
JLL Capital Markets announced arranging the sale Nov. 25. The global real estate and investment management company represented the seller. Haverford Retail Properties of Bryn Mawr, Pa., acquired the package for $126 million, JLL said.
The portfolio maintains an aggregate occupancy rate of 99%. The trio of retail sites total nearly 770,000 square feet of gross leasable area across 46.8 acres:
- East Hanover Plaza East Hanover
- Southmont Plaza Easton, Pa.
- Stow Community Shopping Center Stow, Ohio
Situated at 154 Route 10 in East Hanover, the 98,020-square-foot neighborhood shopping center is 100% leased, JLL said.
Three TJX Cos. subsidiaries (HomeSense, HomeGoods, Sierra) anchor the center, occupying nearly 70% of the owned square footage, according to JLL. The firm noted benefits from shadow anchors Costco and Target also located along with Route 10.
JLL put the average daily traffic count along the highway at 35,600 vehicles. East Hanover sits within Morris County, the state’s second-wealthiest, with a median income of nearly $135,000.
According to Placer.ai data, East Hanover Plaza had 417,000 visits in October 2025. The property sits in a high trade area, according to Placer.ai’s heatmap.
Its location also offers access to major highways, such as Interstates 287 and 280 as well as Route 24.
Senior Managing Directors Jose Cruz, Senior Director J.B. Bruno and Associate Michael Kavaler led the East Hanover Plaza transaction.
“We’re seeing continued strength in the retail investment market, particularly for well-located properties with national tenant rosters and stable cash flows,” Cruz noted.
In September, JLL also arranged the sale of Edgewater Towne Center on behalf of Site Centers for $53.2 million.
East Hanover Plaza:
Closer look
Southmont Plaza – 250,939 square feet; portfolio’s flagship asset
- Anchor: Dick’s Sporting Goods and Best Buy
- Tenant mix includes: Lowe’s, Ross Dress for Less, Barnes & Noble, Staples, Michaels, Texas Roadhouse, Panera Bread
- Generates 3.5 million annual visits; ranks as the second most visited community shopping center in its trade area
- JLL Capital Markets Senior Managing Director Jim Galbally, Director Patrick Higgins and Senior Director JP Colussi led this transaction
Stow Community Shopping Center – 418,587 square feet; eight buildings
- Grocery-anchored by Giant Eagle
- Tenant mix includes: Kohl’s, Hobby Lobby, TJ Maxx, HomeGoods, etc.
- Generates 5.2 million annual visitors; capitalizes on location within Ohio’s fourth-largest metropolitan area
- JLL Senior Director Michael Nieder, Director Brian Page and Associate John Detlaff led this transaction
