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BOSTON-The sale of the 4.2 million sf retail portfolio of Konover & Associates Inc. to a joint venture between Edens & Avant and Samuels & Associates is nearly complete and will cost over $250 million. The companies closed on 27 properties and the remaining eight properties are scheduled to close by the end of January 2003.

Locally based Samuels & Associates will be responsible for redeveloping, leasing and managing 17 of the jointly acquired centers. Columbia, SC-based Edens & Avant, which currently operates 18 grocery-anchored Necessity Retail Centers in New England, will operate the remaining centers in the region.

Samuels & Associates currently has over 15 projects under development in New England and the Midwest. Edens & Avant has over 250 owned and managed retail assets throughout the Eastern US.

B. William Moylan, Jr., vice president, T. Christopher Angelone, vice president, and George Good, senior vice president, of CB Richard Ellis represented Farmington, CT-based Konover & Associates in the transaction and procured the buyer.

The 35 shopping centers are located in New York, New Jersey, Pennsylvania and New England with four of the centers in this state. Konover is selling the bulk of its existing retail centers so it can focus its efforts on its construction business, Konover Construction Corp., and on Konover Development Corp.’s pipeline of 30 potential development projects.

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