The sale is set to be completed by mid-June.
Project Mark is a company in the James Pascoe Group which operates Pascoes, Farmers, Stewart Dawsons, Goldmark, Stevens, Prouds and Angus & Coote.
The sale price was not available yesterday, with administrators Ferrier Hodgson saying it was confidential.
The sale includes 57 Whitcoulls stores and five Border stores.
The sale was last night cautiously welcomed by the National Distribution Union.
Union general secretary Robert Reid, who is also a member of the Whitcoulls creditors' committee, said more than 900 workers at the Whitcoulls and Border stores would welcome the news their jobs were now more secure.
Ferrier Hodgson partner Steve Sherman said the sale indicated there remained a market for quality assets with widely recognised brands such as Whitcoulls and Borders.
"This is a good result. The sale guarantees the future of the majority of stores and has preserved more than 900 jobs.'' The James Pascoe Group was known for revising businesses and had a strong record of investment in their stores, stock and people, he said.
The New Zealand Herald earlier reported Anne and David Norman were estimated to be worth a collective $400 million last year, according to the National Business Review Rich List.
The Normans are media shy, giving what is believed to be their first interview to the Herald in September 2009.
They had a strong history in retail and revived the Farmers brand after buying it in 2003.
They bought Farmers for $123 million from Australian supermarket operator Foodland Associated.
Anne Norman is the granddaughter of James Pascoe, who opened his first jewellery store in Ponsonby three years before hardware salesman Robert Laidlaw launched the Fort St mail order business that became Farmers.
David Norman began his career working for supermarket pioneers Tom Ah Chee and Norman Kent at Foodtown Kelston.
Farmers chief executive Rod McDermott said in September 2009 that the Normans tended to return businesses to their core proposition and focus on customers, the stock and shops.
REDGroup, which owned Whitcoulls, Borders and Bennetts, went into voluntary administration on February 17 owing unsecured creditors $21.5 million.
Ten Whitcoulls stores at airports and eight Bennetts stores at universities were sold last month.
Mr Sherman said the voluntary administration process had played a key role in saving the businesses by providing a stable environment to restructure the assets and provide the opportunity for sale.
That was an integral objective of the process and the support of the group's employees and major suppliers had contributed to the successful outcome, he said.
The purchasers would be approaching landlords soon to discuss ongoing tenure.
They would also talk to workers in the next few days with regard to the terms of employment.
At a glance
• Whitcoulls and Borders NZ businesses sold to Project Mark, part of the James Pascoe Group.
• James Pascoe Group operates Pascoes, Farmers, Stewart Dawsons, Goldmark, Stevens, Prouds and Angus & Coote.
• The group employs 9000 people.
