Hanover, MA Marcus & Millichap completed the sale of Hanover Shopping Plaza, a 26,307 s/f shopping center. The asset sold for $6.25 million.
Evan Griffith, first vice president investments, and Tony Pepdjonovic, senior associate, in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company and procured the buyer, who is also a limited liability company.
Hanover Shopping Plaza is located at 1422 Washington St. along the South Shore’s premier retail corridor. The strip center is anchored by Town Fair Tire, Papa Gino’s, D’Angelo and Pearle Vision. Across the street, PECO Real Estate Partners are in the process of transforming the Hanover Mall into a contemporary-style open retail area to be named Hanover Crossing.
According to Pepdjonovic, “The acquisition is a great value-add investment in a strong Boston submarket. With the redevelopment of the Hanover Mall the Washington St. corridor will continue to be one of the busiest retail destinations on the South Shore.”
“The seller’s family developed the property in 1975 and this is the first time the property has traded hands,” said Griffith. “Several of the tenants have been there for a couple of decades which reinforces the strength of this location. The buyer has plans to renovate the property and lease up the vacant space.”