Lincoln Property JV Acquires Tri-State Portfolio for $450M
Spanning 4 million square feet, the portfolio includes multiple asset classes.
A joint venture between Lincoln Property Co., Saber-Hightower and Waterfall Asset Management has acquired a four-property portfolio spanning 300 acres and 4 million square feet in New York, New Jersey and Connecticut from National Resources for $450 million. The deal includes existing commercial real estate and multifamily properties and prime development sites.
The largest property in the portfolio is iPark 84, a 270-acre business park in East Fishkill, N.Y., comprising approximately 1.8 million square feet. It was originally built for IBM’s flagship semiconductor manufacturing plant. The campus, located along I-84 on State Route 52, is now home to a variety of manufacturing tenants including IBM and Samsung subsidiary eMagin and Cal-Maine, which operates as Crepini Foods at that location. The campus, which currently has about 25 buildings, can accommodate more than 1.5 million square feet of additional development.
The new owners stated the property has the existing infrastructure and available power capacity to support growing demand from advanced manufacturing users in the region. Located about 50 miles north of New York City in Dutchess County, other nearby companies include Amazon, ON Semiconductors, PepsiCo and Stellantis, which opened a $64 million, 534,000-square-foot Mopar parts distribution center in 2025.
A mix of health, retail and multifamily uses
The acquisition also includes 761 Main St., also known as iPark Norwalk, in Norwalk, Conn., a 29-acre, 400,000-square-foot mixed-use center anchored by a Northwell Health medical outpatient complex. Other tenants include the corporate headquarters for Cannondale bicycles and a 70,000-square-foot Club Studio gym.
Additonally, the portfolio includes Edgewater Harbor, a 262-unit mixed-use community on the Hudson River in Edgewater, N.J., that has 60,000 square feet of retail including Sprouts Farmers Market. The final asset in the transaction is Trilogy Lofts, a 97-unit, transit-oriented development in Yonkers, N.Y., adjacent to the Tuckahoe Metro-North train station.
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The joint venture’s business plan calls renovating and repositioning the multifamily assets, leasing up and stabilizing existing vacancies, expanding the medical office tenancy in Norwalk and selectively developing or monetizing the surplus land parcels.
Newmark has been retained to market future leasing opportunities at the iPark 84 campus, according to the Commercial Observer.
CMBS loan assumptions part of financing
Zachary Liebmann, partner and head of commercial real estate at Waterfall Asset Management, said in prepared remarks the deal was his firm’s largest real estate acquisition to date. He noted the transaction’s financing included the assumption of two CMBS loans and securing two balance sheet loans from Affinius Capital for the multifamily assets.
According to Yardi Matrix, the Norwalk property is encumbered by a $95 million CMBS loan originated in June 2024 by Bank of America from lender Computershare and maturing in June 2029. The A note was issued in the amount of $55 million and the B note in the amount of $40 million.
The iPark84 property is encumbered by an $88 million CMBS loan originated in April 2021 by Citibank from lender Wells Fargo Bank and maturing in May 2031, according to Yardi Matrix. The A note was issued in the amount of $60 million and the B note was issued in the amount of $28 million. The CMBS loan has been on the servicer’s watch list since Nov. 26, 2024, reports Yardi Matrix.
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