880 Canal Street
Stamford, CT
Project summary
Partner: Contrarian Capital Management
Stamford, CT
Total SF: 21,000
Partner
Contrarian Capital Management
Property
- Office
- 21,000 SF
Timing
June 2012 – September 2013
Opportunity
- 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
- Single tenant net leased to Cornell University Veterinary Hospital
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
- In 2013, the property was sold at +2x the allocated purchase price to the user