Harbor Square Complex Sells for $42.25M

ClearRock Properties and Contrarian Capital Management have sold the buildings located at 700, 850, and 860 Canal Street, in Stamford’s South End, for $42.25 million ($171/SF). The buyer, a partnership between Mountain Development, Corp., Gottesman Real Estate Partners, and ClearRock Properties, financed the investment with a $23 million mortgage. 700 & 850 Canal Street sold 80.2% occupied. 860 Canal Street, a vacant industrial/office building, may be converted to residential use.

The complex, known as Harbor Square, is comprised of three properties. The first, 700 Canal Street, is an 89,637 square foot former industrial property, renovated for office and retail use. Renovations included new exterior lighting, common areas, HVAC systems, and lobby. 850 Canal Street contains 67,673 square feet of space. Retail tenants occupy the ground floor space, with office tenants above. 860 Canal Street includes a marina with 1,000 linear feet of dock space, along with its nearly 90,000 square feet of industrial/office space.