A real estate development and investment company with offices in Durham and Boston purchased the Newington Park Shopping Center for $13.3 million.
Torrington Properties, founded by CEO and Principal Jay Bisognano in 2014, acquires, develops or manages residential, multi-family, office, industrial, retail, hospitality and student housing properties. Torrington purchased the 15-acre shopping center from real estate investment trust Urstadt Biddle Properties, which owned the property since 1979. It has 102,000 square feet of commercial, retail and medical office space.
Situated between the Mall at Fox Run and The Crossings, and near Pease International Tradeport, Bisognano says Newington Park has potential to become a destination that will enhance this bustling commercial and retail corridor.
“We are looking at current and future demands for retail space, which could include everything from new restaurants to a supermarket to experiential, immersive ‘retailtainment’ venues,” he says. “On the commercial side, there is potential for exciting new office space, medical, lab and life science facilities, and modern space for many other commercial ventures.”
Torrington Properties recently opened West End Yards, a mixed-use development in Portsmouth where the company also plans to redevelop the shuttered Cinemagic movie theater into condominiums, 20% of which would be workforce housing.
“We continue to grow our portfolio in New Hampshire through many different kinds of acquisitions and development, and the Newington Park Shopping Center is an example of our diversification,” says Bisognano.
Current Issue - April 2024