A joint venture of PCCP and Lincoln Equities Group has acquired a three-building fully leased industrial portfolio totaling 260,855 square feet, and 23 acres of neighboring land for development in Valley Cottage, N.Y., (Rockland County).
“In addition to strong in-place cash flow, we see upside in the adjacent land, which will help meet user demand in an underserved, last-mile logistics location,” said Lance Bergstein, acquisitions officer with Lincoln Equities.
Located at 616 and 618 Corporate Way and 711 Executive Blvd., the existing facilities are occupied by 21 tenants. The portfolio consists of three highly functional manufacturing/distribution industrial buildings built from 2001 to 2007 that range in clear height from 20’ to 32’. The 23-acre development parcel is currently wooded, raw land that is partially paved and currently used to park trailers. Upon closing, the Lincoln Equities team has commenced the development approval process.
The project
