CB Richard Ellis' Jeffrey R. Dunne and Steven P. Bardsley represented the seller Norden Place LLC, an entity controlled by the locally-based partnership of Greenfield Partners, Spinnaker Real Estate Partners LLC and Summit Development. Dunne and Bardsley also procured the buyer. The ownership spent $10.5 million in extensive renovations that were completed in 2002 to modernize the property, CB Richard Ellis officials say.
At the time of sale, Norden Park was 92.7% leased to such tenants as Northrop Grumman Systems Corp., Gibbs College, Pepperidge Farm and Tauck World Discovery. "The team of Greenfield Partners, Spinnaker Real Estate Partners, and Summit Development recreated a dated complex built in the 1960s into a modern generational building that has been a huge success…," Dunne says.
He adds that JFR Global Investments was one of about a dozen bidders for the property. In the future, as much as 80,000 sf of space leased by Norden Systems, a division of Northrop Grumman Systems, could come back on the market for lease, Dunne notes.
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