NEW YORK—ClearRock Properties has taken ownership of a four-building commercial portfolio in Stamford, Conn. ClearRock and joint venture partner Contrarian Capital Management purchased the underlying non-performing mortgage in May of this year and recently completed a foreclosure.
Comprised of 270,000 sq. ft., the four buildings are situated on an eight-acre site at 700, 850, 860 and 880 Canal Street.
ClearRock has plans to complete a phased redevelopment and leasing program at 700 Cana Street, an 85,000-sq.-ft. former industrial building that was converted to office in the 1980s. The team responsible for the building’s redevelopment includes building architect MKDA, leasing agent CBRE and property manager Albert B. Ashforth.
Plans for 700 Canal Street include an updated exterior, reconfigured lobby and entrance and updates to common corridors, bathrooms and elevator lobbies.
Updates to the other three properties acquired have not yet been solidified.