Park City, Utah-based PECO Real Estate Partners has acquired the 732,101-square-foot Hanover Mall from CW Capital.
The purchase price was $39.5 million, according to Plymouth County Registry of Deeds filings. Newmark Grubb Knight Frank represented the seller.
Special servicer CW Capital of Needham acquired the property at a 2010 foreclosure auction after submitting the only bid of $36.7 million. The previous owner, Walton Street Capital, paid $99.4 million for the property in 2007.
The outstanding balance of $76.7 million had been the largest delinquent loan of any commercial property in Greater Boston, according to real estate loan researchers Trepp. Underwritten by J.P. Morgan Chase, the loan was resolved this month with a $62.3 million recorded loss, according to Trepp.
Without giving details, the new owners said they plan a “comprehensive strategy that will reinvent” the mall. Hanover Mall will join PECO’s PREP Strategic Investments portfolio.
“Hanover Mall represents an ideal opportunity for PREP to apply our expertise and revitalize this well-known property to its full potential,” Roy Williams, PREP chief investment officer, said in a statement.
PECO is currently redeveloping the mixed-use Kenwood Towne Centre in Cincinnati and transforming the former Parmatown Mall in Ohio into a mixed-use complex called The Shoppes at Parma.
Anchored by Macy’s, Sears and Walmart, the Hanover Mall was completed in 1971 and renovated in 2004.