French of Sperry Van Ness completes $19.165m sale of School Street Square

Sperry Van Ness has completed the sale of School Street Square, a 147,258 s/f retail center, to a private investor from New York for $19.165 million. The property is located within minutes from the I-91 and I-84 freeways at 265 Ellington Rd. Joseph French Jr., CCIM, national director of retail for Sperry Van Ness, and his team in White Plains, N.Y. represented the seller, Trumbull-based Woodgreen East Hartford, LP. The buyer represented itself. According to French, his experienced and skilled team was able to secure a sale price of $1 million greater than the highest offer obtained from another national brokerage firm that had the listing prior to Sperry Van Ness. Built in 1965 and expanded by 30,000 s/f in 1990, the retail center situated on 14 acres, was 98.66% occupied at the close of escrow by tenants including: Big Y World Class Market, Rite Aid, Fashion Bug and Blockbuster. Two-thirds of the tenants have been located at the center for more than ten years.