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Lincoln, Saber-Hightower, Waterfall buy National Resources portfolio for $450M
The joint venture acquired four properties totaling more than 4 million square feet across New York, New Jersey, and Connecticut, anchored by iPark 84.
A joint venture involving Lincoln Property Company, Saber-Hightower, and Waterfall Asset Management has acquired a four-property commercial real estate portfolio from National Resources for $450 million, Commercial Observer reports. The deal was part of an estate sale process that took more than a year, beginning last summer when National Resources CEO Lynne Ward reached out to Saber-Hightower co-founder Marty Berger about selling assets across the New York City region.
According to Commercial Observer, the acquisition covers more than 4 million square feet in New York, New Jersey, and Connecticut. The closing took longer than usual due to the amount of acreage across three states, and Berger brought additional partners to the effort after pitching the opportunity to investors.
The transaction is anchored by iPark 84, a 270-acre business park in East Fishkill, New York. The iPark 84 campus totals 1.8 million square feet and was originally developed for IBM’s flagship semiconductor manufacturing plant, with tenants including IBM, Samsung subsidiary eMagin, and Cal-Maine.
The sale also includes a 29-acre mixed-use center at 761 Main Street in Norwalk, Connecticut, anchored by a Northwell Health medical outpatient complex, and additional assets including Edgewater Harbor in Edgewater, New Jersey, a 262-unit multifamily waterfront community with retail anchored by Sprouts Farmers Market. The portfolio further includes Trilogy Lofts, a 97-unit, transit-oriented apartment complex, according to Commercial Observer.