The Galleria mall on South Main Street will be sold for an undisclosed price to the Hanover Investment Corp., a local property owner, according to an agreement signed two weeks ago.
Hanover Investment will take over The Galleria from the Hanover Galleria Associates, a partnership that includes the Federal Deposit Insurance Corp. The FDIC is the largest shareholder in the property, owning 28 percent seized from the failed BankEast in 1991.
Bill Clauson, a member of the Hanover Investment Corp.'s board of directors, told the Valley News that he had no plans to make changes to the Galleria. But he said he would like to attract more tenants to the mall, which is currently only half full.
The Galleria, located at 80 South Main Street, is currently occupied by eight businesses.
Charley Conquest, the owner of Hanover Strings in the mall, said, "It's great that the FDIC has released the Galleria from its clutches."
Another Galleria tenant, Majorie Hammond, who owns Persian Garden Carpets, said, "I'm just so glad that the place is sold. Now that there's a real human being at the helm, I foresee a good future."
Hanover Investment is a large real estate owner in the business district. The corporation is owned by an anonymous British investor represented by Clauson and his law firm Clauson, Smith and Whelan.
The company owns the largest piece of continuous land between Main Street and Currier Place, including the buildings that house Hanover Hardware, Cafe Buon Gustaio and the Jewel of India, as well as six homes in the area.
Local records show Hanover Investment Corp.'s downtown real estate was valued at $1.5 million last winter.
