880 Canal Street

Complete Portfolio
Partner: Contrarian Capital Management

In 2012, ClearRock and a partner purchased a non-performing loan on a 4-building portfolio including 880 Canal Street, a 21,000 SF building that was 100% net-leased to Cornell University Veterinary Specialists. In 2013, ClearRock sold 880 Canal to Cornell University for a 62.8% equity IRR. While ClearRock had not initially planned to sell the asset, the strong returns and recycling of capital to reinvest back into the Canal Street portfolio made the sale very attractive