A joint venture comprising Lincoln Property, Saber-Hightower and Waterfall Asset Management has acquired a $450m (€384.7m) US Tri-State real estate portfolio spanning 4m sqft of properties and development sites across 300 acres.
The portfolio encompasses assets across New York, New Jersey and Connecticut, has iPark 84 in East Fishkill, New York, a 270-acre, 1.8m sqft business park originally built for IBM’s semiconductor manufacturing campus, as its largest asset.
Additional assets within the deal include Edgewater Harbor, a 262-unit waterfront mixed-use community in Edgewater, New Jersey with 60,000sqft of retail; 761 Main Avenue in Norwalk, Connecticut, a 29-acre, 400,000sqft mixed-use centre anchored by a Northwell Health outpatient facility; and Trilogy Lofts in Yonkers, New York, a newly built 97-unit transit-oriented residential development.
The joint venture plans to renovate and reposition the residential properties, lease up remaining vacant space, expand the medical office presence at Norwalk and either develop or sell surplus land across the portfolio.
Jared Toothman, EVP and market leader at Lincoln Property, said: “This acquisition is a milestone in Lincoln’s rapid growth across the Tri-State region. The portfolio complements Lincoln’s robust national industrial, healthcare and retail platforms as well as our multifamily development pipeline of over 5,000 units in the New York metro area.”
Marty Berger, a managing principal at Saber-Hightower, said: “The partnership has worked together seamlessly to bring this massively complex transaction over the finish line. Saber-Hightower’s deep local expertise and technical capabilities led by Jay Fehskens, combined with Lincoln’s and Waterfall’s talented teams, proved to be a formidable combination.”
Zachary Liebmann, partner and head of commercial real estate at Waterfall Asset Management, said: “The deal, Waterfall’s largest real estate acquisition to date, brought together a diverse mix of assets and future development opportunities across the Tri-State region, while also requiring a thoughtful approach to the financing with two CMBS assumptions and two balance sheet loans.”
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