As we wrap up 2024, we wanted to announce some of the highlights from this year.
New Acquisitions
699 Canal Street
V20 Group successfully expanded its portfolio with two key acquisitions this year. One of the major highlights was the acquisition of 699 Canal Street, a vacant 84,000 SF retail property spanning 4 acres and almost 400 parking spaces in Stamford, CT, formerly occupied by Fairway Market before its bankruptcy in 2020.
Purchased from the lender who had reclaimed the property, our plan is to revitalize the space with significant capital investment. Located in the desirable Harbor Point neighborhood, surrounded by thousands of residential units, the property is an ideal location for new tenants, and we’ve been in active discussions with several potential businesses eager to make it their new home.
120 Hamilton Ave
In early December, V20 Group acquired 120 Hamilton Ave, 7 acres of industrial-zoned land in Stamford, CT, previously home to a data center for WWE. This acquisition, part of WWE’s corporate real estate divestiture, presents a unique opportunity to repurpose the site. Our plan is to demolish the existing structure and develop a state-of-the-art industrial warehouse, maximizing the property’s potential for its highest and best use.
Disposition Activity
The V20 Group has successfully completed the sale of 550 West Avenue in Stamford, CT. The Property, a 55,000 SF shallow bay industrial building, is 100% leased at the time of sale to four tenants, reflecting the successful leasing and stabilization of the asset.
The V20 group acquired the property in 2022, when it was vacant, and undertook a comprehensive renovation to reposition and modernize the space. The renovation, which was completed in 2023, enhanced the building’s appeal to potential tenants, allowing the V20 Group to fully lease the Property in a competitive Stamford market.
The sale of 550 West Avenue marks another successful milestone in the V20 Group’s portfolio of real estate investments. This strategy fits with V20’s last two acquisitions in the last few months with purchases at 120 Hamilton Avenue and 699 Canal Street. With a focus on value creation and strategic redevelopment, The V20 Group continues to strengthen its position in the Stamford real estate market.
Development Update
Heights Crossing
Our Heights Crossing project is coming along smoothly and you can really see the project coming together. We are fully out of the ground and working on interior fit outs of the apartment units and retail tenants. The project should be complete and ready for occupancy at the start of Summer 2025!
Looking Ahead to 2025
As we enter 2025, V20 Group remains committed to our strategic mission of acquiring out of favor assets, including blighted, lender-owned, and corporate-divested properties. By targeting these opportunities, we unlock significant value and achieve higher returns.
Our focus is on repurposing these properties, investing capital to revitalize and reposition them for their highest and best use. This approach not only improves the assets but also positively impacts the communities in which they are located, turning underperforming properties into thriving, productive spaces.
