Noroton Heights Commercial Tracts Sold to MD Co.

The 8.8-acre commercial tract that encompasses much of downtown Noroton Heights has been sold by the estate of Thomas E. Golden Jr. for $47.3 million to Federal Realty of Rockville, MD, the Stamford Advocate has reported.

The property includes six different tracts with a total of 90,000 square feet of retail space, including Citibank, Stop & Shop and Chase Bank. The owners of Palmer's Market own much of the rest of the commercial district.

Golden, a lifelong Darien resident who died in October 2011, made it a "lifelong pursuit" to assemble the commercial properties near the Noroton Heights Metro-North Station under a unified ownership, Jonathan Mills, managing partner at Cummings & Lockwood in Stamford and an adviser to the Golden family, told the Advocate.

Before he died, he had plans to redesign the commercial district with taller buildings that had residential units above ground-level stores. The Planning and Zoning Commission approved the rezoning plan a year before he died, in October 2010. A special permit, however, would still be needed to redevelop the property along those lines.

Federal Realty describes itself as being involved "in the ownership, operation, and redevelopment of high quality retail real estate in the country’s best markets," according to its website.

"Darien has long been high up on our list of coveted locations due to its strong demographics and high barriers to entry for new retail development," James Taylor, Federal Realty's chief financial officer, said in a news release.

"Federal's interest in the property comes from its proven business plan of investing only in the best locations in key markets in the United States with potential for further improvement over the mid to long term," the news release said. "Noroton Heights is just such a location."

The news release continues:

When asked about plans for expansion and improvement to the property, Federal Realty's northeast regional chief operating officer John Hendrickson said, "We're pleased with the quality of the tenancy and the important services this shopping center provides to Darien's residents.

Having said that, our company's mission has always been to work closely with tenants, officials and residents of the communities in which we do business to create places that will thrive over the long term.

In short, we want to be a valued and inclusive member of the community that adds to its quality of life and we look forward to finding ways to do just that here in Darien."