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
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