Friday, February 12, 2010

LOCAL NEWS: Hanover Mall auctioned for $37m

Lenders for the beleaguered Hanover Mall in Hanover bought back the property yesterday at a foreclosure auction for about $37 million.

There were multiple bidders competing for the enclosed mall and free-standing buildings located on the property, according to Jeffrey Mann, a senior vice president at auctioneers Paul E. Saperstein Co.

The auction notice indicates the roughly 700,000-square-foot regional mall is about 93 percent occupied with anchor tenants including Sears, Macy’s, and Wal-Mart. Mall manager Ed Callahan did not return calls seeking comment.

In December, another regional shopping center, Westgate Mall in Brockton, was sold back to its lenders for about $51 million at a foreclosure auction.

By Jenn Abelson for Boston Globe February 5, 2010

No comments: