Newington Shopping Center Gets New Owner
A longtime Seacoast shopping center is getting new ownership and an eventual fresh look.
The Newington Park Shopping Center on Woodbury Avenue was purchased by Torrington Properties for $13.3 million from the real estate investment trust Urstadt Biddle Properties which has owned the property since 1979.
Torrington said it plans to "transform the property into a vibrant, energized destination that will benefit Newington and the surrounding area." The center is located between the Mall at Fox Run and the Crossings and is home to a Joann Fabrics, Party City, El Rodeo restaurant and a Savers.
“We are excited to acquire Newington Park Shopping Center and embrace the opportunity it brings to the town and the surrounding Seacoast region,” said Jay Bisognano, CEO and Principal, Torrington Properties. “Newington Park has tremendous potential to become a destination that will enhance this already bustling commercial and retail environment."
Torrington gave no indication of what would happen to the existing retailers in the shopping center.
Torrington also announced plans to demolish the closed Cinemagic movie theater and build condos. Torrington said 20% of the condos would be home to "workforce housing."
Contact reporter Dan Alexander at Dan.Alexander@townsquaremedia.com or via Twitter @DanAlexanderNH