Cushman & Wakefield today announced the sale of 700, 850 and 860 Canal Street, a three-building, 247,310-square-foot waterfront complex in the emerging 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 on 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 which offers rush hour service via an exclusive shuttle bus.
The Cushman & Wakefield sale-disposition team was comprised 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.
“We are very pleased with the overall process that 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 properties are comprised of an 89,637-square-foot, five-story, brick and beam, loft-style building (700 Canal Street); a 67,673-square-foot, four-story office building with available ground-floor retail space (850 Canal Street); and a 90,000-square-foot, four-story office building (860 Canal Street), which is ideal for redevelopment. All three buildings offer magnificent water views.
- 700 Canal Street is a unique, former industrial building. It has a new, dramatic two-story glass box lobby and large 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.
- 850 Canal Street has a clean, distinct brick façade with bright, open center-core floor plates. The building has a formal front-to-back lobby and individual retail suites on one side of the ground floor.
- 860 Canal Street offers an exceptional redevelopment opportunity -- ideal for residential, self-storage and hotel development up to 150,000 square feet. The property includes a marina with 1,000 linear feet of dock space.
The properties are situated in the heart of Stamford’s amenity-rich South End, near the 82-acre Harbor Point’s “live, work, play” community.
“The properties’ potential attracted tremendous interest and activity all through the sales process. It was a real pleasure to represent Clearrock Properties and Contrarian Capital Management and I’m confident that Mountain Development and Gottesman will ensure that the buildings reach their full potential,” said O’Leary.
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.