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EAST HARTFORD, CT-Brokerage firm Sperry Van Ness has brokered the sale of the School Street Square shopping center here in a deal valued at $19.2 million. An affiliate of Trumbull, CT-based Woodgreen Management, Woodgreen East Hartford LP, sold the property to Abe Brach, a New York City private investor.

The 147,258-sf shopping center was 98.7% occupied at the close of escrow. The property, which sits on 14 acres, was built in 1965 and was expanded by 30,000 sf in 1990.

The largest tenants at School Street Square are: Big Y World Class Market, which leases 62,300 sf; Rite Aid, which maintains an 11,700-sf location; Fashion Bug, which leases 10,000 sf and Blockbuster, which leases 6,400 sf. Joseph C. French Jr., national director of retail for Sperry Van Ness, and his team working out of its White Plains office, represented Woodgreen in the transaction. Sperry Van Ness says that two-thirds of the property’s tenants have leased space at the center for more than 10 years.

Commenting on the deal, French says, “in a declining market with money sources disappearing, we were able to achieve a price that exceeded our seller’s expectations.” The investor bested approximately 20 other offers submitted for the property.

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