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Sat, Jun 6
A Compendium of Property & Capital News
Jun 6
A Compendium of Property & Capital News

PREP Property Group Signs Market Basket to Anchor Newly-Branded Hanover Crossing Mixed-Use

September 19, 2019
Hanover Crossing, Hanover MA (Rendering)

HANOVER–PREP Property Group, founded in May of 2015 by Michael C. Phillips, co-founder of Phillips Edison & Company who purchased the Hanover Mall in 2016, as first reported by Real Reporter, announced the redevelopment plans to the newly branded, Hanover Crossing.

PREP acquired the Hanover Mall with a vision to redevelop the shopping center to an open-air lifestyle, mixed-use project. Along with entertainment, lifestyle and retail tenants, the project has plans that include 297 high-end residential units, forming an experiential “Live, Work, Play” destination experience, according to a release. PREP has also revealed that Market Basket Supermarket has executed a lease to become the anchor grocery store at the redevelopment. The new 80,000-sf store will feature Market’s Kitchen and Café, a prepared foods department offering a large variety of freshly made meals.

“Market Basket is proud to be a part of the ongoing redevelopment project and it will be an honor to have the opportunity to provide a “More for Your Dollar” shopping experience to the residents of Hanover and the surrounding communities,” said David McLean, Store Operations Manager.

Along with Market Basket, PREP has also inked contracts with Ten Pin Eatery, Barstow Tavern and a new Showcase Cinema to be complete in 2021. “We’re very excited about helping re-energize the Hanover mall and bringing jobs to the South Shore community,” said Mike Crowley Managing Partner of Ten Pin Eatery and Ryan Family Amusements. “PREP has done a tremendous job of designing a mixed-use center that will provide residents with much more than just retail. We can’t wait to introduce the Ten Pin experience, which combines dining, family-friendly entertainment and cutting-edge gaming, to the region.”

Michael C. Phillips