Lincoln, PCCP acquire $53M industrial portfolio

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JLL Capital Markets announced that it closed the $53.5 million sale of a fully leased, three-building, value-add light industrial portfolio totaling 260,755 square feet along with an adjacent 23-acre development parcel in the Rockland County community of Valley Cottage, New York.

JLL marketed the property on behalf of the sellers, Sasson Real Estate Group and Garelick Holdco LLC. Lincoln Equities and PCCP purchased the assets.

The portfolio is situated at 616 and 618
Corporate Way and 711 Executive Blvd. in Valley Cottage, which is approximately
30 miles north of Midtown Manhattan. The properties and land site are situated
just off Route 303 and proximate to U.S. Route 9W, Interstate 287 and the Mario
M. Cuomo Bridge, which serves as one of the most important corridors for commerce
in the Northeast. Additionally, the assets are in the Northern New Jersey
Industrial market, one of the fastest-growing regions in the country, and
within the supply constrained Rockland County Industrial submarket.

The properties are fully leased to 24 tenants
and feature a flexible light industrial configuration, clear heights ranging
from 20 to 36 feet, 18 dock doors, 22 drive-in doors and 28 percent office
finish. The portfolio includes 23 acres of land for a future industrial
development.

The JLL Capital Markets team representing the
sellers was led by Senior Managing Director Jose Cruz, Senior Director Marc
Duval, Director Jordan Avanzato and Associate Ryan Robertson, along with Senior
Managing Director Andrew Scandalios.

“Demand for industrial product today continues to run at an all-time high and is further evidenced by the depth of the buyer pool for these buildings,” Cruz said. “We are seeing it in every industrial sale offering our team markets. Also, investors were heavily focused on the development potential of the land parcel.”

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