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.
