After A 43 Year Hold, Hanover Shopping Plaza Changes Hands Via Marcus & Millichap
July 13, 2018 - By The Real Reporter
1422 Washington Street, Hanover, MA.
HANOVER– Marcus & Millichap has completed the sale of the Hanover Shopping Plaza, a 26,307 square-foot shopping center located at 1422 Washington Street, Hanover, MA. After forty-three years, the retail asset exchanged for $6,250,000.00. Located along the South Shore’s premier retail corridor, the strip center is anchored by Town Fair Tire, Papa Gino’s, D’Angelo and Pearle Vision. Directly across the street, PECO Real Estate Partners are in the process of transforming the Hanover Mall into a contemporary-style open retail area to be branded Hanover Crossing.
Evan Griffith, first vice president investments, and Tony Pepdjonovic, senior associate of the Boston office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both limited liability companies.
“The acquisition is a great value-add investment in a strong Boston Submarket… with the redevelopment of the Hanover Mall, the Washington Street corridor will continue to be one of the busiest retail destinations on the South Shore,” acknowledged Pepdjonovic.
“The Seller’s family developed the property in 1975 and this is the first time the property has traded hands,” informed Griffith. “Several of the tenants have been there for a couple of decades which reinforces the strength of this location…the buyer has plans to renovate the property and lease up the vacant space,” added Griffith.
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