Hanover Center in Wilmington under new ownership

WILMINGTON, NC (WWAY) — One of Wilmington’s longest standing shopping centers has a new owner.

According to a news release, Preferred Apartment Communities has made an approximate 92.5% equity investment in a joint venture with Harbour Retail Partners to acquire Hanover Shopping Center.

The 305,346 square foot shopping center on Oleander Drive is anchored by Harris Teeter.  Other shops include Talbot’s, Stein Mart, Hobby Lobby, Books-a-Million, Pier One and more.

“We are excited to partner with Harbour Retail Partners, a highly regarded retail owner and developer,” said Michael Aide, Senior Vice President, Director of Investments of New Market, a subsidiary of PAC. “The Harbour team brings a strong track record of execution with a deep understanding of the Wilmington market that will be extremely valuable in improving upon Hanover’s standing as the dominant Harris Teeter anchored center in the market which has been owned by The MacRae family for the last 70 years.”

Hanover Center first opened in 1956.

“We are fortunate to have such a visionary and committed partner in New Market Properties. Hanover Center will always be one of the best centers in Wilmington with a strong tenant mix, loyal customer base and wonderful history,” said Randy Kelley, with Harbour Retail Partners. “We are excited about the opportunity to expand upon the foundation that the MacRae family built.”

According to the Wilmington Business Journal, changes are in store. The new owners plan  to add apartments to 7 acres behind the center. They are also looking at parking lot improvements and remodeling the facade.

WWAY has reached out to Harbour Retail Partners for more details.