The Hanover Mall - Hanover, MAHanover, MA PECO Real Estate Partners (PREP) has acquired The Hanover Mall, previously owned by CW Capital, for $39.5 million as reported by Wicked Local. The center is the latest project to join the PREP Strategic Investments portfolio. PREP is an independent company that separated the strategic and net lease investments business units from Phillips Edison and Co. in May 2015.
“We are excited to add this regional shopping center located in the main retail corridor of Boston’s South Shore,” said Michael Phillips, PREP president and chief executive officer. “The future of this project represents what PREP is about, transforming retail, creating value and developing a shopping center for people to shop, dine and gather for years to come.”
The Hanover Mall, a single-level regional enclosed mall, is comprised of 732,101 s/f, anchored by Macy’s, Sears and Walmart with several national outparcel tenants including Dick’s Sporting Goods, Trader Joe’s, Panera Bread, Buffalo Wild Wings, Petco and Office Max. The property was built in 1971 and was last renovated in 2004. Situated on Rte. 53 with immediate access to Rte. 3, the major thoroughfare servicing the communities south of Boston, the property features average daily traffic counts in excess of 26,600 and 60,900 vehicles, respectively.
“Hanover Mall represents an ideal opportunity for PREP to apply our expertise and revitalize this well-known property to its full potential,” said Roy Williams, PREP chief investment officer. “Now that the acquisition process has been concluded, we look forward to focusing our efforts on a comprehensive strategy that will reinvent the retail experience.”