‘Tired’ Massachusetts mall to go open-air
The first enclosed mall on Massachusetts South Shore will undergo a $40 million conversion to an open-air center under the ownership of a spun-off unit of Phillips Edison & Company.
The 732,000-sq.-ft. Hanover Mall in Pembroke Massachusetts — anchored by Macy’s, Sears, and Walmart — was purchased last fall by PECO Real Estate Partners, which operates under the name PREP. Built in 1971 and last renovated in 2004, the center has direct access to Route 3, the major thoroughfare joining towns south of Boston.
Pembroke Town Manager Troy Clarkson called the property “tired,” and earlier this week the town council approved a tax increment financing (TIF) agreement with PREP that will allow it to begin transforming Hanover Mall into Hanover Crossing.
“This is the opportunity of a generation,” Clarkson said following the vote.
PREP CEO Michael Phillips said Hanover Mall presented his company with the opportunity to do what it does best. “Transforming retail, creating value, and developing a shopping center for people to shop, dine, and gather for years for come," commented Phillips at the sealing of the deal for the center in 2016.
Other tenants include Dick's Sporting Goods, Trader Joe's, Panera Bread, Buffalo Wild Wings, Petco, and Office Max.
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