Real Estate Weekly, 6/29/2011
Former Trizec Properties executives Doug Winshall and Steve Grant continue to clock up deals at ClearRock Properties, the boutique investment firm they founded last year.
The company has completed three acquisitions totaling 500,000 s/f and recently secured a $35 million equity commitment for new acquisitions.
“Our mission is to provide excellent risk-adjusted returns to our financial partners through prudent acquisitions and first-class operating capabilities,” said Winshall.
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.
The recently secured equity commitment from Juster Properties – a real estate investment firm with a portfolio that includes office buildings, apartment houses, shopping centers and industrial properties – provides ClearRock with discretionary capital to acquire larger assets with or without additional capital partners.
“With the commitment from Juster Properties, we will continue to seek mid-sized properties of $10 million to $25 million in addition to larger opportunities,” said Winshall.