Hanover-area shopping center sells for nearly $29 million

The 192,774-square-foot Gateway Hanover shopping center has sold for $28.75 million.

At 41-191 Wilson Ave., Penn Township, the retail plaza was purchased Oct. 6 by Pennmark Management Co. from Conewago North Ridge Partners LLC.

Bob Sichechstiel, broker of record at Plymouth Meeting-based Pennmark, confirmed the sale price.

Gateway Hanover – 100% occupied – has been built in various stages since 2010, Brad Rohrbaugh, executive vice president and retail director of Bennett William Commercial, wrote in an email.

Bennett Williams’ Dave Nicholson, Ryan Myers, Chad Stine and Rohrbaugh handled the transaction for both parties.

The shopping center is shadow anchored by Target and Sam’s Club. Other tenants include Ross Dress for Less, Petsmart, Old Navy, Hobby Lobby, Shoe Carnival, Kay Jewelers, Jersey Mike’s, Five Guys and AT&T.

Dick’s Sporting Goods and Books-A-Million are also coming, Sichelstiel said.

Pennmark’s purchase of Gateway Hanover did not include Target, Sam’s Club or Buffalo Wild Wings, he said.

Gateway Hanover is nearby other national and regional retailers, such as Walmart, Home Depot, Giant Foods, Lowe’s and Kohl’s, according to the Bennett Williams Commercial listing brochure.

The listing noted that “Hanover is a growing market with strong demographics and solid traffic counts.”

In addition, Pennmark’s portfolio of properties – spread over Pennsylvania, Maryland, New Jersey, Delaware and Ohio – includes 100% occupied East Town Centre on Lincoln Highway East in East Lampeter Township.

And the company is developing a shopping center in Mount Joy Township at Route 230 and Cloverleaf Road, pending zoning approval, Sichelstiel said. Tenants will include Wawa and Aldi.

Paula Wolf is a freelance writer