Lincoln Property Company joint venture acquires $450M tri-state real estate portfolio

A joint venture consisting of Lincoln Property Company, Saber-Hightower, and Waterfall Asset Management has acquired a $450 million commercial real estate portfolio spanning the New York tri-state area. The portfolio encompasses approximately 4 million square feet of property and 300 acres of development sites across New York, New Jersey, and Connecticut.

A primary asset in the deal is iPark 84 in East Fishkill, New York. This 270-acre business park, formerly an IBM semiconductor manufacturing plant, includes tenants such as Samsung subsidiary eMagin and Cal-Maine. The site offers capacity for an additional 1.5 million square feet of development.

Other key properties include: • Trilogy Lofts in Yonkers, New York: A transit-oriented multifamily community with plans for a 50-unit expansion. • Edgewater Harbor in Edgewater, New Jersey: A 262-unit waterfront mixed-use community featuring retail space. • 761 Main Avenue in Norwalk, Connecticut: A 29-acre mixed-use center housing a Northwell Health medical complex and the Cannondale Bicycles headquarters.

The buyers intend to renovate multifamily assets, stabilize vacancies, expand medical office tenancy, and develop or monetize surplus land parcels.