$450M Tri-State Real Estate Acquisition Includes Yonkers and East Fishkill Properties
A joint venture of Lincoln Property Company, Saber-Hightower and Waterfall Asset Management has acquired a $450 million mixed-use real estate portfolio spanning approximately 4 million square feet of existing properties and development sites across 300 acres in New York, New Jersey and Connecticut.
The portfolio includes two significant New York properties: iPark 84, a 270-acre business park in East Fishkill, and Trilogy Lofts, a transit-oriented multifamily development in Yonkers.
iPark 84 comprises approximately 1.8 million square feet and was originally developed as IBM's flagship semiconductor manufacturing campus. Located along I-84 approximately 50 miles north of Manhattan, the property is home to manufacturing tenants including IBM and Samsung subsidiary eMagin, as well as Cal-Maine.
The campus also offers substantial potential for future growth, with capacity for more than 1.5 million square feet of additional development. Existing infrastructure and available power capacity position the property to accommodate growing demand from advanced manufacturing users in the region.
In Yonkers, the portfolio includes Trilogy Lofts, a recently developed 97-unit transit-oriented multifamily community adjacent to the Tuckahoe Metro-North station. A second phase consisting of an additional 50 units is expected to launch this year.
The portfolio also includes Edgewater Harbor, a 262-unit waterfront mixed-use community in Edgewater, N.J., with approximately 60,000 square feet of retail space, and 761 Main Avenue in Norwalk, Conn., a 29-acre mixed-use property encompassing approximately 400,000 square feet.
The Norwalk property includes a Northwell Health-anchored medical outpatient complex, commercial tenants and sites entitled for future multifamily development.
“This acquisition is a milestone in Lincoln's rapid growth across the Tri-State region,” said Jared Toothman, Executive Vice President and Market Leader at Lincoln. He noted that the portfolio complements the company's industrial, healthcare and retail platforms as well as its multifamily development pipeline in the New York metropolitan area.
The new ownership group's plans include renovating and repositioning multifamily properties, leasing and stabilizing existing vacancies, expanding medical office tenancy at the Norwalk property and evaluating development opportunities on surplus land throughout the portfolio.
The transaction is Waterfall Asset Management's largest real estate acquisition to date.
Saber-Hightower, one of the partners in the acquisition, is based in Briarcliff Manor and focuses on multifamily and commercial real estate investment and development.
The acquisition brings together a diverse portfolio of industrial, multifamily, healthcare, retail and mixed-use properties while creating opportunities for additional development throughout the Tri-State region.
