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PECO Real Estate Partners acquired The Hanover Mall in Hanover from CW Capital for an unspecified price. The 732k SF property is anchored by Macy’s, Sears and Walmart, with several national outparcel tenants.
Hanover Mall dates from the classic age of regional mall development—it was built in 1971—and was last renovated in 2004. 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 & Co in 2015.
Though the buyer hasn't disclosed any value-add plans for the property, Utah-based PREP has a history of identifying retail properties with development or redevelopment potential and then transforming them, with an eye toward increasing their value. The Strategic Investment portfolio has two ongoing projects, Kenwood Collection in Cincinnati, and The Shoppes at Parma in Parma, OH.
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