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860 Canal Street - ClearRock Properties

860 Canal Street

Stamford, CT

Project summary

Partner: Gottesman Real Estate Partners & Mountain Development Corp.

Stamford, CT

Total SF: 100,000

Partner

Gottesman Real Estate Partners & Mountain Development Corp.

Property

  • Office | Industrial
  • 100,000 SF

Timing

June 2012 – November 2017

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
  • 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.