NEWINGTON – Actual property improvement and funding firm Torrington Properties introduced Friday it has acquired the Newington Park Purchasing Middle for $13.3 million and touted plans to “remodel” the positioning.
The property is situated at 2026 Woodbury Ave., between the Mall at Fox Run to the north and The Crossings to the south.
The Newington Park Purchasing Middle’s present tenants embrace Savers, JOANN Materials and Crafts and Get together Metropolis, in addition to restaurant areas. York Hospital has a cardiovascular care facility on the property too.
Torrington introduced it bought the 15-acre purchasing heart from actual property funding belief Urstadt Biddle Properties Inc., which owned the property since 1979. The middle at the moment has 102,000 sq. ft of house for industrial, retail and medical workplaces.
Torrington said it plans to “remodel the property right into a vibrant, energized vacation spot that may profit Newington and the encircling space.” The corporate didn’t instantly state any specifics in regards to the potential redevelopment plans.
Scott Tranchemontagne, spokesperson for Torrington Properties, mentioned the builders are “nonetheless engaged on the imaginative and prescient of what in the end can be half” of the Newington Park Purchasing Middle.
However he confused, “it is not going to include any residential no matter.”
“It’ll stay a industrial/retail sort of use,” he mentioned throughout an interview Friday.
There have been discussions amongst space metropolis planners how varied Newington mall and retail properties might embrace residential down the street.
However that received’t be the case with the Newington Park Purchasing Middle, Tranchemontagne mentioned.
“We spent quite a lot of time speaking with Newington and we all know very clearly what they hope to see and it doesn’t embrace residential,” he mentioned. “Now we have made it very clear that’s not a part of the imaginative and prescient.”
The property is a roughly “13 acre web site wedged between the again of the Crossings and the Mall at Fox Run,” he mentioned.
Extra:What’s the future for Mall at Fox Run? A imaginative and prescient emerges.
Shops there embrace Joann Material and Craft Retailer, Savers and Get together Metropolis, he mentioned. York Hospital has a cardiovascular care facility on the property, too.
There may be some vacant house on the web site, he mentioned, and Torrington will seemingly be trying so as to add tenants, Tranchemontagne mentioned.
“I believe till we get a extra detailed imaginative and prescient for the property it’s exhausting to reply questions on particular makes use of and particular parts,” he mentioned. “All the pieces’s on the desk inside the realm of what’s allowed there.”
Check out the images:Mall at Fox Run tour
“We’re excited to amass Newington Park Purchasing Middle and embrace the chance it brings to the city and the encircling Seacoast area,” mentioned Jay Bisognano, CEO and Principal, Torrington Properties. “Newington Park has great potential to turn out to be a vacation spot that may improve this already bustling industrial and retail setting.”
Torrington Properties is understood regionally for its soon-to-open West Finish Yards mixed-use improvement in Portsmouth. Additionally in Portsmouth, the corporate lately introduced plans to redevelop the closed Cinemagic movie show into condominiums. Torrington additionally owns quite a few different properties in Massachusetts and New Hampshire from residential to mixed-use to industrial to scholar housing.
Extra:Cinemagic in Portsmouth could also be demolished to make manner for five tales of condos
The Mount Vernon Firm has partnered with Torrington on a number of tasks and is a co-investor, based on Torrington’s assertion. The corporate is headed by Bruce A. Percelay and was based over 30 years in the past. Torrington said it additionally labored with The Boulos Firm to safe the Newington Park Purchasing Middle.
“We proceed to develop our portfolio in New Hampshire by means of many various sorts of acquisitions and improvement,” Bisognano mentioned. “And the Newington Park Purchasing Middle is an instance of our diversification.”