Lincoln, Saber-Hightower and Waterfall close on $450M tri-state portfolio

Lincoln Property Company, Saber-Hightower and Waterfall Asset Management have closed on the Tri-State portfolio, a $450 million mixed-asset collection spread across New York, New Jersey and Connecticut, according to IREI. The portfolio totals 4 million square feet of existing properties and prime development sites on roughly 300 acres.

The deal's centerpiece is iPark 84, a 270-acre business park in East Fishkill, New York. Its 1.8 million square feet were originally built for IBM's flagship semiconductor plant. The campus sits about 50 miles north of Manhattan along Interstate 84, bordered by facilities for Amazon, Stellantis, ON Semiconductors and PepsiCo, and hosts manufacturing tenants including IBM and Samsung subsidiary eMagin, plus agricultural operator Cal-Maine. More than 1.5 million square feet of additional development are possible, with infrastructure and immediately available power capacity already in place for advanced manufacturing users.

The portfolio also includes Edgewater Harbor, a 262-unit waterfront mixed-use community in Edgewater, N.J., on the Hudson River. Its 60,000 square feet of retail are anchored by Sprouts Farmers Market. Then there is 761 Main Avenue in Norwalk, Conn., a 29-acre, roughly 400,000-square-foot mixed-use center featuring a Northwell Health outpatient complex, Cannondale bicycles' headquarters, a 70,000-square-foot Club Studio gym and pads for entitled development.

The buyer group is betting that the region's advanced manufacturing wave will make iPark 84's surplus power and land entitlements worth as much as the existing rent roll. The mix of industrial, retail and residential assets under one deal suits investors who can underwrite each use separately.

The acquisition lands in a period in which capital is rotating toward assets with room to build, especially sites that can serve AI and semiconductor supply chains. If the buyer group lands a large power-user tenant at the IBM campus, the $450 million price could look modest. It would also confirm that the region's obsolete industrial parks have become a distinct asset class of their own.