Antares Increases Holdings With $50M Buy

STAMFORD, CT-The Mercede family has sold the four-building Stamford Harbour Square waterfront complex to Antares Investment Partners of Greenwich for $50 million or approximately $203 per sf. The deal involves 700, 850, 860 and 880 Canal St. totaling 246,785 sf of mostly class B office space that is situated on about eight acres of land fronting the east branch of Stamford Harbor.

The complex was built by the Mercede family, which owned and managed the property for the past 28 years. The property also features restaurants, a marina and a heliport. The transaction increases its extensive portfolio in the area. The Mercede family was represented by Patrick Grasso and Chris McManus of Keystone Realty Capital LLC.

Antares has been a very active player for commercial property in Stamford, particularly for properties along its waterfront. In September, Antares acquired Holly Pond Plaza on Stamford’s waterfront for $14.3 million and One Dock St. for $22.6 million from Seaboard Properties. In July, Seaboard Properties Inc. sold a majority of its of office portfolio here, including the five building 206,217-sf Stamford Landing complex and 70-slip marina, to Antares Investment Partners for $86.8 million. In addition to Stamford Landing, the deal also included the seven-story 98,251-sf 600 Summer St. office building in Downtown Stamford. In June, a joint venture of Antares, Goldman Sachs of New York City and Lubert-Adler Real Estate Funds of Philadelphia purchased the 393,670-sf Stamford Harbor Park complex for $135.8 million from Cornerstone Real Estate Advisers of Glastonbury. That transaction included the waterfront office complex at 333 Ludlow St., which consists of two eight-story towers connected with a two-story atrium, as well as an adjacent 3.2-acre development parcel.