A joint venture of Lincoln Property Company, Saber-Hightower and Waterfall Asset Management acquired a $450 million commercial real estate portfolio spanning 4 million square feet of existing properties and prime development sites across 300 acres in New York, New Jersey, and Connecticut.
The portfolio includes iPark 84 in East Fishkill, New York, a 270-acre business park comprising approximately 1.8 million square feet originally built for IBM’s flagship semiconductor manufacturing plant. The campus can accommodate more than 1.5 million square feet of additional development and is well positioned with existing infrastructure and immediately available power capacity to support growing demand from advanced manufacturing users in the region.
Additional assets include Edgewater Harbor, in Edgewater, New Jersey, a 262-unit waterfront mixed-use community on the Hudson River having 60,000 square feet of retail including Sprouts Farmers Market; 761 Main Avenue in Norwalk, Connecticut, a 29-acre, approximately 400,000 square foot mixed-use center featuring a Northwell Health anchored medical outpatient complex, Cannondale bicycles headquarters, a 70,000 square foot Club Studio gym, and pads for entitled multifamily developments; and Trilogy Lofts in Yonkers, New York, adjacent to the Tuckahoe Metro-North station, a newly developed 97-unit transit-oriented multifamily community, with a 50-unit second phase set to launch this year.
The joint venture’s business plan includes renovation and repositioning of the multifamily assets, lease-up and stabilization of existing vacancy, expansion of the medical office tenancy at the Norwalk location, and selective development or monetization of the portfolio’s surplus land parcels.
Photo: iPark 84
0 Comments