Boston-based Torrington Properties, owner of Newington’s Mall at Fox Run, has bought the two buildings housing the mall’s Macy’s from the company for $16.25 million.

The sale comes after Macy’s announced a new strategy that would involve closing around 1 in 3 of its stores nationwide in the next three years in an effort to refocus the company on new, smaller-format retail concepts and its existing luxury Bloomingdales and Blue Mercury stores.

According to the Portsmouth Herald, Torrington believes Macy’s will remain as a tenant for the “foreseeable future,” however.

Sale-leaseback deals were a strategy also employed by Sears as that retailer faltered in recent years in order to generate short-term revenue.

Torrington itself has said it’s looking to redevelop the Mall at Fox Run, but has so far released no plans.