Hanover Mall is a one-story, enclosed shopping mall and peripheral retail parcel that opened in 1971. The mall has served local communities for almost 50 years. Hanover Mall was a retail hub when it first opened, into the mid-1980s, and from 1998 to 2007. Just prior to the recession in 2008, the mall was purchased for $100 million (the highest purchase price in the mall’s history) by Walton Street Capital. But when a glut of retail bankruptcies occurred due to the recessions, Walton found itself in foreclosure by Feburary 2010, at which point the mall became bank-owned and managed under a Special Service (CW Capital) for nearly six years.
In 2016, PREP bought Hanover Mall determined to usher in a brand new era for the landmark property, which is now down to just 54 stores and 50% leased. Sporting aggressive revitalization plans even in the face of declining lease rates and the prevalence of online shopping, PREP sought to invest in the property – and the town – by bringing back a vibrancy to the area and proposing a new open-air lifestyle center mixed with luxury residential units. Working with The Hanover Company on the residential side and securing a TIF which allows the company to reinvest proceeds in the mall, PREP and Hanover Company are seeking to be active partners with the Town of Hanover to bring forward a bright new future for Hanover Mall.