ING Clarion Cements $25M Retail Purchase

PORTSMOUTH, NH-A popular grocery-anchored shopping plaza here in New Hampshire’s seacoast region has a new owner, as Durgin Square sells for $24.8 million. The 135,000-sf retail center was acquired by ING Clarion from Durgin Square LP.

“The center is home to a strong rent roll and is situated in one of New England’s most desirable markets for both retailers and owners,” says Cushman & Wakefield senior director Geoff Millerd, a member of the firm’s Capital Markets Group that peddled the asset on behalf of Durgin Square LP and also procured the buyer. Millerd was joined in handling the deal by C&W Capital Markets Group chief Robert Griffin Jr. and broker Michael d’Hemecourt.

A retail sales specialist, Millerd describes Durgin Square as “the dominant grocery-anchored shopping center” in Portsmouth’s vibrant retail market, a sector that has been evolving for 20 years near the border of mall-laden Newington. National firms who helped give Durgin Square an occupancy rate of 97% at the time of its sale include AC Moore, Aspen Dental, Boston Market, Mattress Discounters, Petco and TJ Maxx.