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February 14, 2007 Antares Investment Partners, the company that plans to redevelop 82 acres of Stamford's South End, is under contract to buy the former Manger Electronics Inc. property near the Stamford train station. The transaction is scheduled to close in August. James Cabrera, managing partner and co-founder of Antares, said his firm needs time to study zoning rules for the site, potential environmental issues and the structural integrity of two former industrial buildings before it decides to close the deal. He said Antares also wants to gauge real estate markets while it ponders what it might build at the site. "We believe the site lays out better for offices than it does for residential development," Cabrera said. Last year, Advance Residential Communities of New Jersey had planned to purchase the 5- acre site from the Manger family and build 424 condominiums. Antares, however, agreed to buy the Manger property in September, Cabrera said, adding that confidentiality agreements forbid him from disclosing the price until the sale closes. The Manger family is pleased that a reputable developer plans to reconfigure their property, said Harold Bernstein, attorney for the estate of Bernard "Ben" Manger. Manger died in 1995 at age 75. His survivors include his widow, two sons, two daughters, several grandchildren and several nieces and nephews, including U.S. Sen. Joseph Lieberman, I-Conn. For several decades, Manger had run Manger Electric, an international supplier of high-tech wiring. The company later became Manger Electronics. Manger's son, Marc, briefly ran Manger Electronics after his father's death. After Manger closed in the late 1990s, two other companies made products there. The last manufacturer moved out five years ago. Ben Manger also invested in real estate near his former plant. The site between Washington Boulevard, the Metro-North railroad tracks and the Mill River includes the former Manger factory, several houses and a brick building that once contained printing operations for McCall's magazine. "The family has a sentimental attachment to this property that Ben Manger had assembled over many years," Bernstein said. "They are hopeful to see that it will become part of a meaningful development for the South End community. They have every confidence that the Antares group is capable of doing just that." Cabrera said Antares will start drawing up plans for the Manger parcel late this summer. The privately held company said last month it plans to buy more properties in the South End and in Greenwich. Antares picked the Manger site for its portfolio because "it's an important piece of property for the city of Stamford and is the gateway to the South End," Cabrera said. "(The Manger parcel) is the fourth leg of the transportation hub," Cabrera said, referring to the UBS AG investment bank, Metro Center office building and the Royal Bank of Scotland construction project that surround the train station. Robert Caruso, senior managing director of the Fairfield County and Westchester County, N.Y., operations of Los Angeles-based CB Richard Ellis commercial real estate, said development of the Manger property could mirror the office projects near it. "It could serve as an iconic office tower," Caruso said. "The city has been transformed into a financial services mecca. It could be a site for a financial company to lay down roots in a market where we have seen world class financial services companies grow their businesses." Antares, which has its investment headquarters in Greenwich and operations headquarters in Stamford, also is developing condominiums and mansions in Greenwich and is slated to buy the UST Inc. headquarters for $130 million next month.
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