Torrington Properties has deepened its stake in the state’s commercial/retail real estate market with its purchase of the 300,000-square-foot shopping center in Rochester known as The Ridge.
The $51.3 million acquisition from Waterstone Properties includes the retail center adjacent to Route 11, home to Market Basket, a New Hampshire Liquor & Wine Outlet, Marshalls, Old Navy, Starbucks, Stonewall Kitchen, Petco, Famous Footwear, ULTA Beauty, Hobby Lobby, the 110 Grill restaurant and other occupants.
The purchase does not include the additional projects that Waterstone has envisioned for that to include, among other features, luxury apartments and a large entertainment venue.
Andrew Gendron, director of marketing at the Waterstone Properties Group, said proceeds from the sale will help finance its future investments in that area — the Ridge Phase II and North Ridge projects. He added the company will rebrand those projects “to establish their own distinct identities and voices. The new brands will be announced in the coming months.”
Torrington Properties has purchased The Ridge, the 300,000-square-foot shopping center in Rochester along Route 11 for $51.3 million, deepening its investment in the New Hampshire commercial/retail real estate market.
In his Dec. 9 statement announcing the acquisition, Torrington Principal and CEO Jay Bisognano said, “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.”
The retail center opened in 2016, with Bisognano noting, “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.”
Torrington called The Ridge purchase “yet another strong addition” to its growing portfolio of retail properties in New Hampshire that includes the Fort Eddy Plaza in Concord, Mill Plaza in Durham, the Portsmouth Green in Portsmouth and others.
Torrington also owns the Mall at Fox Run and the Newington Park Shopping Center, both in Newington. The entirety of the Mall at Fox Run is scheduled for demolition by Torrington through the first half of 2026, to be replaced by what’s being called Seacoast Landing.
Conceptual drawings for the projected $500 million redevelopment across 81 acres shows a mix of stand-alone buildings with three anchor stores, pads for six retail/commercial interests, a medical building, and a retail/office collection of six more buildings.
Torrington also has a number of residential developments that it built in the Granite State, including West End Yards in Portsmouth, Campus Flats in Durham and others.
Waterstone announced earlier this year and has broken ground on its phase two development at The Ridge, a $400 million project of 222 residences, a 24/7 Mass General Brigham Emergency Department, and 93,000 square feet of retail and entertainment, including 35,300 square foot movie theater and arcade center.
In September, Waterstone met with Rochester officials to preview its third phase — called North Ridge — that includes a large venue for concerts, weddings and other events, plus a health campus, more retail, housing, entertainment, and a trail system that connects the development to downtown Rochester via a trail system.
Phase three is supposed to be larger than phases one and two combined.
“Waterstone affirms that the sale of The Ridge Phase I will not affect the ongoing development of the recently approved Ridge Phase II or the North Ridge project,” Gendron said. “This divestment aligns with the company’s core strategy of acquiring and repositioning underperforming centers, making significant investments in the property—such as outparcel construction or improvements — and ultimately creating successful merchandising mixes with local, regional, and national tenants.”
“The Ridge Phase I was sold to Torrington Properties, a joint venture partner on several of the company’s past projects, including the sale of the Portsmouth Green property in April 2025,” he added. “Proceeds from the sale of The Ridge Phase I will be partially utilized to fund the next stages of development.”
The existing shopping center attracts some 430,000 visitors annually from more than 10 miles away.
“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.”
The acquisition was financed by Rockland Trust and Goedecke & Co., a private, Boston-based real estate finance firm.
This is a conceptual view of the second phase of development at The Ridge, a development project by Waterstone Properties. It will use proceeds from the sale of the existing shopping center to Torrington Properties to help finance this and future projects in the area that it will rebrand under a different name than The Ridge.
“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: “As has always been the case in the past, Torrington’s professionalism and level of organization made them a pleasure to work with. 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.”
