A 1970s-era shopping mall that was redeveloped to attract Massachusetts’ fifth Wegmans supermarket is set to be acquired this week.

Deutsche Bank is buying the 292,000-square-foot Meadow Glen shopping center for over $85 million from Boston-based New England Development, according to a real estate industry source.

Like many enclosed malls, Meadow Glen suffered from declining occupancy in recent years and struggled to retain name-brand tenants. The redevelopment eliminated the interior mall section to make room for Wegmans, Petco and Dick’s Sporting Goods while retaining anchors Kohl’s and Marshalls.

Rochester, New York-based Wegmans signed a 25-year lease for 120,000 square feet in 2015 and opened the store in November 2017. The Mystic Valley Parkway property is now 100 percent leased. The owners received special permits from the city of Medford in January to construct an additional 5,700-square-foot medical office or retail building behind Kohl’s.

HFF Boston marketed the 21-acre property for New England Development.