860 Canal Street
Partner: Gottesman Real Estate Partners & Mountain Development Corp.
Total SF: 100,000
- Office | Industrial
- 100,000 SF
- Purchased a four-building, non-performing loan (700, 850, 860, & 880 Canal St.)
- Located in the master planned 80 acre Harbor Point development, which had recently begun construction during the marketing process
- Within walking distance to the Stamford Transportation Center
- 30% leased at acquisition
Value Add / Execution
- Completed a friendly foreclosure on all four buildings
- Created individual entities and a reciprocal easement across the four-building portfolio to maximize parking and remedy historical ingress/egress issues
- Vacated the building to create an office or multi-family development site
- In 2015, ClearRock recapitalized the property and increased its ownership stake
- In 2017, the property was sold to Stamford Media Village at double the allocated purchase price
- Stamford Media village will include a new 100,000 sf building and 400 car parking garage increasing the long term value at 700 & 850 Canal St.