Hot Property: Hanover Crossing
The latest addition to the former Hanover Mall has opened: a large Showcase Cinemas movie theater.
The latest addition to the former Hanover Mall has opened: a large Showcase Cinemas movie theater.
Call it a tale of two industries. Executives continue to be awed by the industrial sector’s transformation. But for retail real estate, analysts wonder when the carnage will end, as e-commerce firms continue to bite into the sales of large, brick-and-mortar retailers.
Demolition of the 48-year-old Hanover Mall will begin in February as a developer prepares to build a 600,000-square-foot lifestyle center anchored by Market Basket and a 300-unit apartment complex.
In the commercial real estate world, one could say the retail sector’s loss was the industrial sector’s gain in 2018. The same can’t be said for the hotel sector, where most everyone’s gains contributed to the hospitality industry’s growth last year.
Are we entering phase two of the live-work-play phenomenon sweeping the development industry in Eastern Massachusetts?
Park City, Utah-based PECO Real Estate Partners has acquired the 732,101-square-foot Hanover Mall from CW Capital.