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Both properties are a mix of street-level retail and upstairs apartments.
The 7,890-square-foot building is fully leased.
The retail tenant has been in the space since 1958.
This is the first change of ownership for the six-year-old property.
"Credit is not getting looser, it's getting tighter," said Withers.
The property owner, The Field Group Commercial Real Estate, maintains its headquarters in the building.
"We are excited to be working with a renowned company on a premier property," said Choyce Peterson Vice President Adam Cognetta.
The removal of the Center School will open up 3.6 acres of space for mixed-use development for Stratford's downtown revival.