Three Canal Street properties sell in Stamford
Cushman & Wakefield in Stamford recently announced the sale of 700, 850 and 860 Canal St., a three-building, 247,310-square-foot waterfront complex in the South End section of Stamford.
Cushman & Wakefield represented the seller, ClearRock Properties and Contrarian Capital Management, in the sale to Mountain Development Corp., Gottesman Real Estate Partners and ClearRock Properties.
The complex fronts recently upgraded Canal Street, which is directly connected to the new four-lane Urban Transitway near I-95 and less than a 10-minute walk to the Stamford Transportation Center.
The Cushman & Wakefield sales team consisted of Andrew Merin, vice chairman; David Bernhart, vice chairman; Gary Gabriel, executive vice president; and Thomas J. O”™Leary, senior director of C&W”™s Capital Markets Group.
- Aerial view of 700, 850 and 860 Canal St. Photo courtesy Cushman & Wakefield
“We are very pleased with the overall process Cushman & Wakefield conducted on our behalf,” said Doug Winshall of ClearRock. “The properties”™ location, unique architecture and leasing potential made it a high-demand investment opportunity.”
The deal is comprised of an 89,637-square-foot, five-story, brick-and-beam, loft-style building at 700 Canal St.; a 67,673-square-foot, four-story office building with available ground-floor retail space at 850 Canal St.; and a 90,000-square-foot, four-story office building at 860 Canal St., which C&W is presenting as “ideal for redevelopment.”
All three buildings offer water views.
The online Real Estate Weekly, rew-online.com, reported last week the buyers secured an 11-year, $23 million mortgage loan for the acquisition of 700 and 850 Canal St. The third property was not included in that report.
C&W said 700 Canal St. is “a unique, former industrial building,” with a new, two-story glass box lobby and four-foot windows. Recent improvements include new exterior lighting, new common areas, renovated bathrooms, new elevator cabs/systems, upgraded HVAC and a new landscaped parking area.
The 850 Canal St. property has “bright, open center-core floor plates,” plus a formal front-to-back lobby and individual retail suites on one side of the ground floor.
The 860 Canal St. building offers what C&W termed “an exceptional redevelopment opportunity ”” ideal for residential, self-storage and hotel development up to 150,000 square feet.” It includes a marina with 1,000 linear feet of dock.
The properties are near the 82-acre Harbor Point development.
“The properties”™ potential attracted tremendous interest and activity all through the sales process,” O”™Leary said. “It was a real pleasure to represent ClearRock Properties and Contrarian Capital Management and I”™m confident Mountain Development and Gottesman will ensure the buildings reach their full potential.”
The merger of Cushman & Wakefield and U.K.-based DTZ closed Sept. 1. The new Cushman & Wakefield is led by Chairman and CEO Brett White and global President Tod Lickerman.