The Wegmans property at the Montgomery Mall in North Wales, PA was recently purchased for $22.6 million by ExchangeRight, a California-based company that acquires net-leased properties and grocery-anchored shopping centers. The seller, Kohan Retail Investment Group of New York, bought the mall about a month ago in a foreclosure sale for $55 million.
The Wegmans store is 128,000 square feet with a lease that expires in 2033. According to reports, the grocer has five 10-year options remaining.