Hanover-area plaza goes for $28.75M

Gateway Hanover, which sits at 41-191 Wilson Ave. in Hanover. (photo/submitted)

A Hanover-area mall is under new ownership.

  • Plymouth Meeting-based real estate company Pennmark Management paid $28.75 million for Gateway Hanover, a 192,774 square-foot shopping center just north of the York County borough. It was developed starting in 2010.
  • The seller was Hanover-based Conewago North Ridge Partners LP, according to Brad Rohrbaugh, retail director for York-based real estate firm Bennett Williams Commercial.
  • Rohrbaugh, along with Dave Nicholson, Ryan Myers and Chad Stine of Bennett Williams, handled the transaction.

What’s there: Tenants include Books-A-Million, Hobby Lobby, Old Navy, PetSmart and Ross Dress for Less.

  • Dick’s Sporting Goods is planning to open there in March, according to Bob Sichelstiel, a broker at Pennmark.
  • Occupancy is 100%
  • The transaction also includes two lots for future development, Sichelstiel said. One could hold a 5,000 square-foot building, the other a 35,000-square foot building.
  • The sale does not include nearby Target and Sam’s Club stores.

What’s Pennmark: The firm, headed by CEO Don Cafiero, oversees roughly 3 million square feet of retail, office, and flex space in Pennsylvania, Delaware, Maryland, New Jersey and Ohio.

  • Its local properties include East Towne Centre in East Lampeter Township, Lancaster County.
  • The company also is behind the Norlanco Square development at the intersection of Cloverleaf Road and Route 230 in Mount Joy.
  • The proposed development will include a Wawa convenience store and an Aldi supermarket, Sichelstiel said.

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