Lincoln-Led Consortium Buys $450M Tri-State Mixed-Asset Portfolio — Lincoln Property Company

Event summary

Lincoln Property Company, Saber-Hightower, and Waterfall Asset Management acquired a $450M Tri-State portfolio spanning 4M sq. ft. across 300 acres in NY, NJ, and CT.
The portfolio includes iPark 84, a 270-acre business park in East Fishkill, NY, originally built for IBM’s semiconductor manufacturing.
Additional assets include Edgewater Harbor (262-unit waterfront mixed-use), 761 Main Avenue (mixed-use center in Norwalk, CT), and Trilogy Lofts (transit-oriented multifamily in Yonkers, NY).
The deal is Waterfall’s largest real estate acquisition to date, financed through two CMBS assumptions and two balance sheet loans.
The joint venture plans renovation, lease-up, medical office expansion, and selective development or monetization of surplus land parcels.

The big picture

This acquisition underscores Lincoln’s aggressive expansion in the Tri-State region, complementing its national industrial, healthcare, and retail platforms. The deal highlights a strategic shift toward mixed-asset portfolios, blending immediate income with long-term development potential. With Waterfall’s largest real estate acquisition to date, the partnership signals confidence in the region’s growth dynamics, particularly in advanced manufacturing and transit-oriented multifamily sectors.

What we're watching

Portfolio Integration: How Lincoln will integrate the diverse assets into its existing platforms, particularly the industrial and multifamily sectors.
Development Pace: The pace at which the joint venture will execute renovation, lease-up, and development plans across the portfolio.
Market Demand: Whether the portfolio’s focus on advanced manufacturing and transit-oriented multifamily will align with sustained regional demand.