NEWINGTON – Real estate growth and expense company Torrington Attributes declared Friday it has obtained the Newington Park Searching Middle for $13.3 million and touted designs to “remodel” the site.
The assets is found at 2026 Woodbury Ave., concerning the Mall at Fox Run to the north and The Crossings to the south.
The Newington Park Shopping Center’s present tenants include Savers, JOANN Fabrics and Crafts and Occasion Metropolis, as properly as cafe spaces. York Clinic has a cardiovascular treatment facility on the residence as well.
Torrington announced it purchased the 15-acre browsing middle from true estate investment rely on Urstadt Biddle Properties Inc., which owned the assets given that 1979. The center at this time has 102,000 square feet of room for professional, retail and health care places of work.
Torrington stated it options to “renovate the home into a vibrant, energized desired destination that will profit Newington and the surrounding area.” The corporation did not straight away condition any specifics about the possible redevelopment plans.
Scott Tranchemontagne, spokesperson for Torrington Homes, reported the developers are “still functioning on the vision of what ultimately will be part” of the Newington Park Shopping Middle.
But he stressed, “it will not contain any residential whatsoever.”
“It will continue being a commercial/retail sort of use,” he stated during an interview Friday.
There have been conversations among area town planners how several Newington shopping mall and retail houses could consist of residential down the road.
But that won’t be the case with the Newington Park Browsing Centre, Tranchemontagne said.
“We invested a whole lot of time talking with Newington and we know extremely obviously what they hope to see and it does not involve household,” he reported. “We have built it quite very clear that is not section of the vision.”
The property is a around “13 acre web site wedged among the again of the Crossings and the Mall at Fox Run,” he explained.
Outlets there include Joann Cloth and Craft Retailer, Savers and Occasion Town, he stated. York Medical center has a cardiovascular care facility on the house, as well.
There is some vacant area at the website, he mentioned, and Torrington will very likely be on the lookout to insert tenants, Tranchemontagne stated.
“I think until we get a additional specific eyesight for the home it’s tough to reply issues about particular utilizes and distinct features,” he mentioned. “Everything’s on the desk in just the realm of what is allowed there.”
Acquire a appear at the photos:Shopping mall at Fox Operate tour
“We are psyched to get Newington Park Procuring Heart and embrace the option it brings to the city and the encompassing Seacoast location,” explained Jay Bisognano, CEO and Principal, Torrington Properties. “Newington Park has large probable to develop into a vacation spot that will enhance this already bustling commercial and retail atmosphere.”
Torrington Homes is identified locally for its soon-to-open up West Conclusion Yards mixed-use growth in Portsmouth. Also in Portsmouth, the corporation just lately announced strategies to redevelop the shut Cinemagic film theater into condominiums. Torrington also owns several other homes in Massachusetts and New Hampshire from household to combined-use to industrial to scholar housing.
The Mount Vernon Corporation has partnered with Torrington on several jobs and is a co-trader, in accordance to Torrington’s assertion. The company is headed by Bruce A. Percelay and was launched about 30 several years in the past. Torrington said it also labored with The Boulos Company to protected the Newington Park Browsing Centre.
“We proceed to mature our portfolio in New Hampshire through numerous distinctive forms of acquisitions and growth,” Bisognano claimed. “And the Newington Park Shopping Middle is an example of our diversification.”