Capitol Region Education Council pays $2.1M for Hartford flex building
COSTAR
245 Locust St., Hartford.
The Capitol Region Education Council recently paid $2.1 million for a roughly 52,000-square-foot office and warehouse building converted to educational use.
CREC acquired the 1968-vintage, masonry-sided building on 3.2 acres at 245 Locust St., according to a deed recorded by the city on April 15.
The seller was 245 Locust Street LLC, which is controlled by George De Pasquale, of Niantic, according to state business records.
CREC operates 16 magnet schools and other educational programs in the Greater Hartford area. It had leased office space at 245 Locust St. as a hub for its student van transportation services, CREC Executive Director Greg Florio said.
A portion of the building is also leased to the High Road School of Hartford, a private day school for students with social, emotional and behavioral challenges. Florio said he expects the program to continue leasing its space from CREC. A school spokesperson said a long-term lease is in place.
The building had also previously housed the R.J. Kinsella Magnet School of Performing Arts, a pre-kindergarten through eighth grade program operated by Hartford Public Schools.
About 30,000 square feet of the building is currently unoccupied.
Florio said CREC plans to consolidate some of its leased space in other locations into the newly acquired building, which it may also use to host expanded educational programs.
Listing broker Philip Gagnon, a principal at Colliers, said the building had been on the market for about two years and was sold after the asking price was reduced from $2.4 million.
Shawn P. McMahon, a managing director with JLL, represented the buyer.
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