HANOVER, Mass.--(BUSINESS WIRE) -- PREP Property Group Inc. ("PREP”), a vertically integrated real estate company focused on creating value in retail real estate, and Showcase Cinemas, a world leader in the motion picture exhibition industry, are pleased to announce a new anchor deal at Hanover Crossing in Hanover, Massachusetts. The deal was brokered by Boston-based The Dartmouth Company.
“As a company, Showcase Cinemas was born in the Boston area and it is only fitting that we bring the latest and most innovative movie-going experience to Hanover Crossing’s new entertainment, lifestyle and retail destination.”
Planned for a 2021 opening, the new Showcase Cinemas location will include 1,000 seats and 10 auditoriums within the 42,500 square-foot space. Each auditorium will feature state-of-the art screens, the latest laser projection and audio technology along with power-operated, fully reclining chairs with swivel tables. Acting as a community centerpiece for the new mixed-use development, the cinema will also offer a luxurious lobby with a planned full-service bar and an innovative “all-in-one” concessions experience.
“We are excited to partner with PREP to create a new, unparalleled cinema experience on Boston’s South Shore,” said Shawn Sullivan, Vice President – Real Estate and US & International Legal and Business Affairs at Showcase Cinemas. “As a company, Showcase Cinemas was born in the Boston area and it is only fitting that we bring the latest and most innovative movie-going experience to Hanover Crossing’s new entertainment, lifestyle and retail destination.”
Hanover Crossing is a mixed-use redevelopment located 20 miles southeast of Boston in the affluent and desirable South Shore community of Hanover. Along with entertainment, lifestyle and retail tenants, the project has plans that include 297 high-end residential units, forming an amenities-rich “Live, Work, Play” destination experience.
“PREP is extremely excited to announce the executed lease with Showcase Cinemas, a well-respected and industry leader in motion pictures,” said Lloyd Sova, Vice President – Development at PREP. “This is a critical step in accomplishing a mixed-use transformation for Hanover Crossing and the Town of Hanover that will feature a strong entertainment component as an anchor.”
“Going to the movies is an American tradition.,” said Joe Colangelo – Town Manager, Town of Hanover. “A new, state-of-the-art cinema in Hanover is exciting to think about!”
For more information regarding the exciting transformation of Hanover Crossing, please visit our website at www.thehanovercrossing.com.
About PREP Property Group (PREP)
PREP Property Group is a vertically-integrated real estate company founded by Michael C. Phillips, co-founder of Phillips Edison & Company, and built on the foundations of Phillips Edison’s strategic and net lease real estate divisions. PREP is focused on transforming retail real estate by repositioning lifestyle centers, power centers and enclosed malls that are undermanaged, capital starved, poorly merchandised and / or distressed. PREP also acquires and manages well-located, triple-net retail properties from non-institutional sellers and creates value through lease restructure or tenant upgrade. For more information, please visit our website at www.preppg.com.