PARK CITY, Utah, Nov. 4, 2016 /PRNewswire/ -- PECO Real Estate Partners (PREP) is pleased to announce that the company has acquired The Hanover Mall in Hanover, Massachusetts, previously owned by CW Capital. 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 Company 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 C. 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 for come."
The Hanover Mall, a single-level regional enclosed mall, is comprised of 732,101 square feet, 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 Route 53 with immediate access to Route 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.
With a legacy of transforming retail properties, PREP has the expertise and experience to optimize retail property value. PREP identifies prime locations with development or redevelopment opportunities through a focused investment strategy. The Strategic Investment portfolio currently has three projects, two of them ongoing. The ongoing projects include Kenwood Collection in Cincinnati, Ohio and The Shoppes at Parma in Parma, Ohio.
Kenwood Collection is a mixed-use development located next to Kenwood Towne Centre. The development includes 293,000 square feet of class-A office space, known as the Tower at Kenwood Collection, and 260,000 square feet of retail space on two levels. In addition, the project features a 2,300-space parking garage.
The Shoppes at Parma is in the midst of an exciting transformation through its multi-phase redevelopment. The 750,000 square-foot open air center is anchored by J.C. Penney, Dick's Sporting Goods, recently opened Gordmans, Walmart Supercenter and Marc's grocery store and features specialty retailers, services and a wide variety of dining options.
"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."
About PECO Real Estate Partners (PREP)
PREP has incorporated Phillips Edison & Company's former development and strategic retail divisions and will focus on the acquisition, repositioning and management of power and lifestyle centers, enclosed malls, mixed-use retail projects and single-tenant developments. PREP is a fully integrated real estate operating and asset management company. The company has expertise in every discipline of retail shopping center operation and management. Through the execution of a focused investment strategy, PREP identifies optimal target locations and leverages its management team's long-standing relationships with brokers, property owners and retail tenants, to identify and capitalize on development and redevelopment opportunities. For more information about PREP, please visit www.pecorep.com.
Julia Murphy or Lori Moretti
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/peco-real-estate-partners-prep-acquires-the-hanover-mall-in-hanover-massachusetts-300357319.html
SOURCE PECO Real Estate Partners