Lincoln Property Company, together with Saber-Hightower and Waterfall Asset Management, has acquired a $450 million mixed-use portfolio spread across the Tri-State region. The collection of assets and development sites totals roughly 300 acres and encompasses approximately four million square feet in New York, New Jersey and Connecticut.
The largest holding in the transaction is iPark 84 in East Fishkill, NY. The roughly 270-acre business park contains about 1.8 million square feet and was originally constructed for IBM’s flagship semiconductor manufacturing operations. Today, the campus functions as a multi-tenant business park and is described as capable of supporting more than 1.5 million square feet of additional development, supported by existing site infrastructure and available power capacity.
In New Jersey, the portfolio includes Edgewater Harbor in Edgewater, NJ. That property is a 262-unit waterfront mixed-use community positioned along the Hudson River. The description underscores its combination of multifamily units and other uses but does not specify additional square footage or a breakdown among commercial components.
The Connecticut asset in the portfolio is located at 761 Main Avenue in Norwalk, CT. It is an approximately 400,000-square-foot mixed-use center anchored by a medical outpatient complex operated by Northwell Health. The property also serves as the headquarters for Cannondale bicycles and includes a Club Studio gym described as 70,0000 square feet, alongside pad sites that are entitled for future multifamily development. The text does not clarify the correct size of the gym due to the apparent numerical typo.
Rounding out the portfolio is Trilogy Lofts in Yonkers, NY. This property is identified as a newly developed transit-oriented multifamily community situated next to the Tuckahoe Metro-North rail station. While unit counts for this asset are not provided, the description highlights its proximity to commuter rail as a defining feature.
Commenting on the acquisition, Jared Toothman, executive vice president and market leader at Lincoln, characterized the purchase as a milestone in the firm’s expansion across the Tri-State region. He noted that the portfolio aligns with Lincoln’s national industrial, healthcare and retail platforms and complements a multifamily development pipeline of more than 5,000 units in the New York metro area. No additional transaction details, such as financing terms or seller identity, were disclosed in the source text.
