Torrington purchases 300,000 s/f retail center for $51.3 million from Waterstone Properties

Rochester, NH Torrington has purchased The Ridge, Rochester, a 300,000 s/f commercial retail center with 30 name-brand tenants, for $51.3 million from Waterstone Properties. Torrington, which has headquarters in Portsmouth and Boston, Mass., sees the high-quality plaza as a productive investment with stable tenancy, 4.3 million annual visitors and fresh infrastructure, having opened less than ten years ago.

“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,” said Torrington principal and CEO Jay Bisognano. “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.”

Located off Rte. 11 and less than two miles from the Spaulding Tpke., The Ridge, Rochester is a shopping destination for New Hampshire residents and visitors from Massachusetts and points south on their way to the Lakes Region. On an annual basis, more than 430,000 Ridge visitors come from more than 10 miles away. The open-air plaza features a strong lineup of national and regional brands, including Walmart, Market Basket, Marshalls, Hobby Lobby, Old Navy and many more. It is home to a New Hampshire Liquor & Wine Outlet, restaurants like 110 Grill, and several specialty and service retailers like Ulta Beauty and Gentle Dental.

Torrington’s strategic investment, made with financing from Rockland Trust and Goedecke & Co., is yet another strong addition to its growing portfolio of grocery-anchored retail destinations in New Hampshire, such as the Fort Eddy Plaza in Concord, Mill Plaza in Durham, Portsmouth Green in Portsmouth and others. Torrington also owns The Mall at Fox Run and the Newington Park Shopping Center, both in Newington.

“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,” said Torrington chief operating officer Matt Morgan. “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.”

“We’re delighted to support Torrington in their acquisition of The Ridge,” said Peter Staiti, regional commercial banking executive at Rockland Trust. “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.”

Goedecke principal Paul Natalizio said the combined strengths of Torrington and the Ridge enabled them to deliver an aggressive fixed rate.

“As has always been the case in the past, Torrington’s professionalism and level of organization made them a pleasure to work with,” said Natalizio. “When you combine a property with a consistent history of performance in a great location along with the strength and experience of Torrington, you are going to get strong interest from a variety of lenders.”

Torrington’s portfolio also includes multi-family housing, hotels, class A office space and mixed-use commercial and retail, cementing Torrington as a regional powerhouse in the commercial real estate investment and development sector.