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Lincoln Property Company buys $450M Tri-State mixed-use portfolio
The acquisition covers four million square feet across 300 acres in New York, New Jersey, and Connecticut, including iPark 84 with about 1.8 million square feet of existing space plus capacity for more development.
Lincoln Property Company, along with partners Saber-Hightower and Waterfall Asset Management, has acquired a $450-million mixed-use portfolio across the Tri-State region, spanning four million square feet on 300 acres in New York, New Jersey, and Connecticut, ConnectCRE reports.
The portfolio is headlined by iPark 84 in East Fishkill, New York, a 270-acre business park with approximately 1.8 million square feet of space 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 described as having existing infrastructure and immediately available power capacity.
Other assets include Edgewater Harbor, a 262-unit waterfront mixed-use community in Edgewater, New Jersey; 761 Main Avenue in Norwalk, Connecticut, an approximately 400,000-square-foot mixed-use center anchored by a Northwell Health medical outpatient complex and with space for additional uses including a Club Studio gym; and Trilogy Lofts in Yonkers, New York, a transit-oriented multifamily property next to the Tuckahoe Metro-North station.
In a statement carried by ConnectCRE, Lincoln’s EVP and Market Leader Jared Toothman said the deal is a milestone in the company’s growth across the region and complements its industrial, healthcare, and retail platforms, as well as its multifamily development pipeline of more than 5,000 units in the New York metro area.