ClearRock Properties Closes Three Deals, Secures $35M Equity Commitment

Citybiz Real Estate, 6/21/2011

The New York-based real estate investment, development and operating firm ClearRock Properties has completed three acquisitions totaling 500,000 square feet and secured a $35 million equity commitment for new acquisitions.

The firm’s recent acquisitions include an interest in the ventures that acquired One Dock Street in Stamford, CT; 485 Massachusetts Avenue in Cambridge, MA; and 297 State Street in North Haven, CT.

One Dock Street is a value-add office investment purchased in partnership wit Meritage Properties and Juster Properties for $15.8 million. The 86,000-square-foot office building is located one block from the Stamford Transportation Center and I-95, and at the gateway to the Harbor Point development in Stamford’s South End district.

485 Massachusetts Avenue is a core property in Central Square, Cambridge, one of the country’s strongest markets. This 40,000-square-foot office and retail asset with a nearby developable parking lot was purchased with capital partner Juster Properties for $13 million. Located adjacent to MIT, the property benefits from the school’s expansion and its hub of technology innovation.

297 State Street in North Haven, CT, is an industrial asset purchased on an opportunistic basis in partnership with Mountain Development Corp., in a venture led by Marcus Partners. After redevelopment, the $7 million, 374,000-square-foot warehouse will provide exceptional value for users given its superior location, easy divisibility and extremely competitive rents.