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NEW LONDON, CONN. — New York-based Savills has brokered the sale of New London Shopping Center, a 260,000-square-foot retail property located in New London, for $40.7 million. The center was 99 percent occupied a the time of closing. It is anchored by ShopRite Supermarket, Marshalls, HomeGoods, PetSmart and A.C. Moore. Additional tenants include Guitar Center, West Marine, Famous Footwear, Hallmark, Sally Beauty Supply and Chili’s Grill & Bar. Savills represented the seller, a joint venture between JPMorgan Investment Management and Centro Properties. The buyer was Cedar Shopping Centers. The shopping center traded at a 7.7 percent cap rate.