Groton ― Old Lyme-based READCO has purchased the Lighthouse Square shopping center at 441 Long Hill Road, which is home to businesses such as the popular The Shack restaurant, for $1.6 million.

READCO president Michael Lech said Monday that his firm closed on the sale last week.

READCO currently manages or owns 1 million square feet of space from Old Lyme to Westerly with 100 tenants. It is currently proposing a $25 million residential, commercial and recreational project on Route 2 in Pawcatuck, where it has already developed a supermarket, bank and health care facility.

Lech said the Lighthouse Square purchase was part of his company’s “strategic reinvestment in southeastern Connecticut.”

Earlier this year, Lech said his company was poised to acquire another 580,000 square feet of office, retail, residential, industrial and medical space in the region worth $154 million over the next two years.

He said that the Lighthouse Square shopping center is within the epicenter of the “explosion of growth happening in the region.”

“It’s all taking place within 10 miles,” of the shopping center,” he added.

Lech said the the type of of businesses located in the shopping center such as a liquor store, hair salon, hearing aid store, credit union and Mexican restaurant are neighborhood retail operations that are “internet-proof,” meaning the type of businesses not threatened by online sales.

And then there’s the Shack, which also has locations in Waterford and East Lyme and is known for its comfort food and classic American dishes.

“I grew up going to The Shack. I believe in the brand,” Lech said.

READCO’s purchase does not include the Walgreen’s pharmacy in the shopping plaza.

Lech said he plans to address deferred maintenance issues in the shopping center and make other improvements so it offers a first-class retail experience.

j.wojtas@theday.com