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DANBURY, CT-Danbury General Partners, LLC, an entity managed by Greenwich and New York City investment managers Martin and Steven Sands and Isidore Mayrock, a principal of the Fortunoff retail chain, have acquired 40-42 Old Ridgebury Rd. for $17.2 million or $137 per sf. The two-building, 126,000-sf office complex was sold by Danbury Office Center LLC, an entity controlled by Hall Investments Ltd. of Danbury.

CB Richard Ellis’ Jeffrey R. Dunne and Christopher S. Leonard represented the seller and procured the buyer. Dunne says that Danbury was one of about six bidders for the property that had been on the market for sale for about six months. “40-42 Old Ridgebury Rd. is well positioned to take advantage of the continued residential and corporate growth that is occurring in Greater Danbury.”

The two-building complex is currently about 93% leased to such tenants as AG Edwards & Sons Inc., Shemin Nurseries Inc. and RMI Marketing Direct,Inc., which have all been tenants at the building for at least the last 10 years. In addition, General Electric has three different divisions at the property totaling nearly 88,000 sf and has had operations there since 1997.

In 2004, Martin and Steven Sands managed a partnership that made a late year purchase of another Danbury property. The partnership purchased the 215,000-sf Lee Farm Corporate Park from DRA Advisors, LLC in a $27.75-million transaction.

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