The CB Richard Ellis New York Tri-State Investment Sales team and CBRE Melody, the real estate investment banking arm of CB Richard Ellis, recently collaborated on the $87 million sale of Norden Park in Norwalk.
Jeff Dunne and Steven Bardsley of the New York Tri-State Investment Sales team represented the seller, Norden Place LLC, and procured the buyer. Michael Sherman and Jason Gaccione of CBRE Melody’s New York City office secured first-mortgage and mezzanine financing in the amount of $81.6 million with Credit Suisse First Boston on behalf of the buyer.
“This transaction highlights the synergy and extensive one-stop service offerings that our platform provides our clients,” Sherman said. “Such cross-platform collaboration allows us to arrange the best transaction for our clients.”
“Being informed of the status of the financing of a purchase enhances our ability to effectuate the sales process in a timely, informed manner from start to finish,” Dunne said.
Norden Park is a 612,119-square-foot, multi-tenant office property located on a campus setting primarily within the city of Norwalk. The property, built in 1960 and expanded in 1968, was extensively renovated during 2003-2004.
“Previous ownership took this once outdated complex and has turned it into a modern generational building that has been a huge success,” Dunne said. “These renovations have been key in maintaining the property over 90 percent occupied.”
The complex has international, national and regional credit-tenant occupancy. Northrop Grumman Systems Corp. anchors the property and occupies over 320,000 square feet, over 50 percent of the facility, on a long-term lease. Other tenants include Pepperidge Farm (Campbell’s Soup), Katharine Gibbs School, Tauck World Discovery and CompHealth.
HK Brokers Leases
HK Group, a Westport-based commercial real estate firm, was involved in four recent leases totaling about 6,300 square feet and over $1 million in rental value.
In Fairfield, investment advisory firm Charles Schwab & Co. renewed its 2,442-square-foot office lease at 1248 Post Road for five years, effective this month. HK’s Peter Jennings is the longtime exclusive agent for the owner. The Westport-based Saugatuck Group represented Schwab in the deal.
In Wilton, Miltenberg & Samton, an importer and distributor of packaging machines, leased 1,546 at 64 Danbury Road. HK Senior Vice President Franco Fellah represented the tenant. Stamford-based Albert Ashworth Inc. served as the exclusive leasing broker for the owner.
Two lease deals were completed in Westport. In the first transaction, architect Davis Preuss moved within the town to a larger space totaling 1,400 square feet at 156 Kings Highway North. Fellah, along with HK broker Mal Jacobson, served as exclusive leasing agents for the owner, while Ken Edwards of John D. Hastings Inc. procured the tenant. In the second deal, Jennifer Shen and her husband subleased 900 square feet of retail space at 238 Post Road East for Westport Computer. Fellah and HK Group’s Ciara Connolly represented the tenant and Deborah Foehr of Star Commercial served as agent for the sublandlord.