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NORWALK, CT-Norwalk Center LLC, an entity controlled by JFR Global Investments of Brooklyn, NY has acquired Norden Park here in an $87-million deal. Located at 10 Norden Place, it is a 612,119-sf business park and development site situated on two lots totaling approximately 78 acres. The sale included the building and 37.21 acres.

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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