Torrington Properties bought The Ridge, a 300,000 square-foot, grocery-anchored shopping center in Rochester, for $51.3 million from Waterstone Properties. Photo courtesy of Torrington Properties
Torrington Properties, a major player in the state’s real estate landscape, announced it’s bought a large Rochester shopping center for $51.3 million.
The sale initially closed Sept. 23, according to a Strafford County deed, with a corrective deed registered Dec. 15.
The Ridge, Rochester has roughly 300,000 square feet of retail space split among 30 “name-brand” tenants, Torrington said in its announcement. The asset attracts 4.3 million annual visitors – 10 percent of which come from over 10 miles away – and is less than 10 years old.
Located just off Route 11 and less than 2 miles from the Spaulding Turnpike, The Ridge serves locals and visitors from Massachusetts heading to vacation in to the Lakes Region.
“For us, this acquisition reflects confidence not only in the strength of the property itself, but in the continued growth and economic vitality of New Hampshire communities like Rochester, where quality retail and strong access come together,” Torrington CEO Jay Bisognano said in a statement. “The Ridge is anchored by high-performing national retailers with a proven regional draw, making it both a durable investment and an asset we’re proud to own given its significance to the region.”
Anchors include Market Basket, Marshalls, Walmart and a New Hampshire Liquor & Wine Outlet location.
“We’ve built our retail investment strategy around strong bricks-and-mortar fundamentals—properties anchored by leading regional and national retailers that drive consistent traffic and stable returns,” Torrington Chief Operating Officer Matt Morgan said in a statement. “New Hampshire continues to offer dynamic, high-quality retail opportunities that fit this model. The Ridge exemplifies that strength, and we’re proud to add it to our growing portfolio.”
Massachusetts bank Rockland Trust Co. – the acquirer of Enterprise Bank – provided a pair of mortgages for the deal totaling $36.91 million. Goedecke & Co. contributed an unspecified form of financing, Torrington said in its announcement, but no mortgage issued by the private real estate lender was recorded in the Strafford registry.
Torrington also owns Fort Eddy Plaza in Concord, Mill Plaza in Durham, Portsmouth Green in Portsmouth and others. Torrington also owns Newington Park Shopping Center, and is in the early stages of planning a redevelopment of The Mall at Fox Run, also in Newington. In addition, the Boston-based real estate firm is a prominent multifamily developer in the Seacoast region.
“We’re delighted to support Torrington in their acquisition of The Ridge,” Peter Staiti, a regional commercial banking executive at Rockland Trust, said in a statement. “Our relationship with the Torrington team is one we value deeply, and we’re proud to contribute to the continued growth and success of this signature New Hampshire retail destination under their experienced leadership.”
