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    Sunday, May 19, 2024

    Norwich business park building sells for $2.8 million

    Norwich — A light industrial building in the Norwich business park has been sold for $2.8 million to a Texas firm that plans to renovate the building, keep the existing tenant and seek a tenant for the remaining space, according to the real estate firm involved in the sale.

    The 57,000-square-foot building at 243 Vergason Ave. was sold by The Vergason-Essex Trust Inc. to Intrinsic Ventures Inc. of Austin, Texas, for $2.8 million. The sale closed last week, said Frank Hird, real estate broker and vice president of the Branford firm, O,R&L Commercial, which represented both the buyer and the seller.

    Engineering firm American Systems Inc. occupies about 30,000 square feet of space in the building and will remain, Hird said. O,R&L also will represent Intrinsic Ventures in seeking a tenant for the remaining 27,000 square feet.

    The buyer plans improvements to the building, including the vacant space, adding drive-in doors, potential for docks and other improvements.

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