Manhattan-based real estate firm ClearRock Properties has partnered with Gottesman Real Estate Partners and Mountain Development Corp. of New Jersey to purchase 700, 850 and 860 Canal St. in Stamford and secure a long-term lease renewal with a major tenant.
Located near Fairway Market and the LockWorks at the Yale & Towne apartment complex in the heart of the planned 80-acre Harbor Point redevelopment, the three buildings are a mix of pre-war, post-war and recent construction.
Under the new ownership, ClearRock will serve as asset manager while Mountain Development will take over as property manager.
Global financial services firm Guggenheim Partners, sharing the owners”™ long-term view of the market, provided an 11-year, fixed-rate loan.
The exact terms of the purchase were not disclosed by the companies.
According to ClearRock Managing Principal Doug Winshall, the acquisition puts the 250,000-square-foot portfolio in the hands of long-term owners who will add stability and enhance the quality of services and operations.
“The portfolio will be managed to the highest level with both tenants and partners in mind. This will ensure we continue to actively identify, address and manage improvement opportunities that will add value to the asset while also improving conditions for current and future tenants,” Winshall said.
The new ownership team recently secured a long-term lease renewal for 6,681 square feet at 700 Canal with one of its major tenants, United States Beverage. Other corporate tenants include Sustainable America, Red Thread, Unger Publishing, Monjasa, Arccos Golf, KSL Capital Partners, Hildene Capital Management, Harbor Square Capital Management and Peninsula Petroleum.
850 Canal Street is 85 percent leased with 7,000 square feet of retail frontage available along Canal Street.
860 Canal Street is vacant and in the early stages of redevelopment.
“The Canal Street properties offer one of the most sought-after business locations in the South End,” Michael Allen Seeve, president of Mountain Development, said. “We will continue to strengthen their position and to grow the value of the assets by ensuring proactive management and stable tenancy.”
