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Lincoln Property Company, Saber-Hightower and Waterfall Asset Management have acquired a USD 450 million mixed-asset portfolio spread across New York, New Jersey and Connecticut. The portfolio covers around 4 million square feet of existing properties and development sites spread across 300 acres. The acquisition is led by iPark 84, a 270-acre business park in East Fishkill, New York, with approximately 1.8 million square feet of existing space. The portfolio also includes development opportunities and is positioned around established infrastructure, industrial occupiers and available power capacity.
Lincoln Property Company, Saber-Hightower and Waterfall Asset Management have acquired a USD 450 million mixed-asset portfolio across New York, New Jersey and Connecticut. The portfolio includes around 4 million square feet of existing properties and development sites spread across 300 acres.
The portfolio is led by iPark 84, a 270-acre business park in East Fishkill, New York. The property has approximately 1.8 million square feet of space and was originally developed for IBM’s semiconductor manufacturing operations. It is located around 50 miles north of Manhattan along Interstate 84.
iPark 84 is surrounded by facilities operated by companies including Amazon, Stellantis, ON Semiconductor and PepsiCo. The business park currently has manufacturing tenants, including IBM and Samsung subsidiary eMagin, along with agricultural companies such as Cal-Maine.
The campus has capacity for more than 1.5 million square feet of additional development. It also has existing infrastructure and available power capacity to support future development and expansion.
The acquisition gives the three investment partners exposure to a portfolio combining existing industrial and commercial properties with development opportunities across the Tri-State region. The transaction adds to the growing focus on properties with established infrastructure and potential for additional development.
Source Reuters
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