PREP Property Group Announces Redevelopment of Hanover Mall

Historic mall to be redeveloped as Hanover Crossing, a mixed-use lifestyle center

Market Basket Supermarket announced as grocer anchor

HANOVER, Mass--()--PREP Property Group Inc. ("PREP”), a vertically integrated real estate company focused on creating value in retail real estate, is excited to announce the redevelopment of Hanover Mall. PREP acquired Hanover Mall in 2016 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.

With an exciting transformation planned, PREP is pleased to announce that Market Basket Supermarket has executed a lease to become the anchor grocery store.

Market Basket is recognized as the top New England grocer for overall value and quality. The new 80,000-square-foot store will feature Market’s Kitchen and Café, a prepared foods department offering a large variety of freshly made meals, sandwiches, salads, subs, brick oven pizza and exclusive Niji sushi. The location will provide café seating, complimentary Wi-Fi and large screen TV’s. Additional services include a full-service Butcher Block featuring Certified Angus Beef offerings, fresh cut fruits and vegetables prepared daily onsite, as well as an extensive variety of all natural, organic, and gluten free products. Market Basket will be hiring about 400 new associates to enhance the customer experience.

“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.

“PREP is extremely excited to announce Market Basket as the grocer anchor of the redevelopment,” said Lloyd Sova, Vice President – Development at PREP. “We wanted to partner with Market Basket, recognized locally and nationally as a premiere food merchant. In business for over 100 years, Market Basket’s reputation of offering great value, quality, and service will be certain to enhance the overall destination experience that we are creating.”

For more information regarding the exciting transformation of Hanover Crossing, please visit our website at www.thehanovercrossing.com.

About PREP Property Group (PREP)

PREP Property Group is a vertically-integrated real estate company founded by Michael C. Phillips, co-founder of Phillips Edison & Company, and built on the foundations of Phillips Edison’s strategic and net lease real estate divisions. PREP is focused on transforming retail real estate by repositioning lifestyle centers, power centers and enclosed malls that are undermanaged, capital starved, poorly merchandised and / or distressed. PREP also acquires and manages well-located, triple-net retail properties from non-institutional sellers and creates value through lease restructure or tenant upgrade. For more information, please visit our website at www.preppg.com.

Contacts

MEDIA
The Belfort Group
Aaron Gouveia
617-646-3309
aaron@thebelfortgroup.com

Market Basket
David McLean
978-851-8000
dmclean@demoulasmarketbasket.com

Release Summary

PREP Property Group Announces Redevelopment of Hanover Mall. Historic mall to be redeveloped as Hanover Crossing, a mixed-use lifestyle center.

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Contacts

MEDIA
The Belfort Group
Aaron Gouveia
617-646-3309
aaron@thebelfortgroup.com

Market Basket
David McLean
978-851-8000
dmclean@demoulasmarketbasket.com