Invesco Pays $63M for Suburban NY Industrial Portfolio
A three-building, 261,950-square-foot light industrial portfolio in the New York metro’s Rockland County has changed hands for approximately $62.8 million after nearly four years of ownership by Lincoln Equities Group and PCCP. Invesco Real Estate acquired the I-287 Multi-Tenant Light Industrial portfolio in Valley Cottage, N.Y.
JLL Capital Markets represented the sellers, which teamed up for the first time in April 2021 to purchase the three-building industrial portfolio from Sasson Real Estate Group in a deal valued at $48.5 million. The ensemble is now 97 percent leased to 17 tenants from a variety of industries including logistics, storage, sales, showrooms, servicing and health care.
The 64,000-square-foot 711 Executive Blvd. dates back to 1999 and is located on 9.3 acres, according to CommercialEdge. Completed in 2008, 616 Corporate Way and 618 Corporate Way sit on nearly 14 acres, encompassing 85,790 and 112,160 square feet, respectively.
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The buildings have suites ranging from 2,720 to 42,075 square feet. They feature a mix of traditional warehouse space with clear heights up to 30 feet and shallow-bay light industrial space with 20-foot clear heights. 711 Executive Blvd. has a total of 234 parking spaces while the buildings at 616 Corporate Way and 618 Corporate Way have 170 parking spaces.
The location offers connectivity to the affluent and densely populated markets of Bergen County, N.J., Westchester County, N.Y., and New York City. Situated just off Route 303, the portfolio is 3 miles from Interstate 287 and less than 6 miles from the Mario M. Cuomo Bridge, formerly known as the Tappan Zee Bridge, which connects Rockland and Westchester counties. The highway system in the area provides access to more than 980,000 consumers within a 30-minute drive and more than 9.8 million consumers within a one-hour drive.
More Lincoln, PCCP deals
Based in East Rutherford, N.J., Lincoln Equities Group owns, operates, develops and manages commercial and residential properties throughout the Northeastern region and Europe. In April, Lincoln closed on a $53.5 million senior construction loan provided by PCCP to develop Belleville Logistics, a two-building, 15-acre last-mile logistics campus in Belleville, N.J.
In December, PCCP and another partner, Distribution Realty Group, began construction on Middle Tennessee Industrial Center, a four-building, 703,902-square-foot speculative project in Murfreesboro, Tenn., in the Nashville, Tenn., market. The project is slated for delivery later this year. A month earlier, PCCP formed a joint venture with CRG to develop The Cubes at Alpha, a 575,900-square-foot industrial park in Alpha, N.J.
Invesco industrial activity
Invesco has been active in both developing and acquiring industrial assets across the country. In August, Invesco and IndiCap completed the first phase of Virgin Industrial Park, three facilities totaling about 1 million square feet in Glendale, Ariz. Two more buildings are planned, bringing the park’s total space to 1.5 million square feet.
The firm paid $55 million for a 216,000-square-foot building in South Brunswick Township, N.J., last February. At the time of the sale, the property was fully leased to a third-party logistics company. That same month, Invesco and four partners who own Currwood Logistics Center, a 1.5 million-square-foot Hagerstown, Md., industrial campus, inked a full-building, 1.2 million-square-foot lease with an online restaurant supply company.
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