PCCP, Lincoln Equities Team Up for Industrial Buy
- Apr 13, 2021
PCCP LLC and Lincoln Equities Group have partnered for the first time to purchase a three-building industrial asset in Rockland County, N.Y.
According to CommercialEdge, Sasson Real Estate Group was the seller of the portfolio that encompasses 260,855 square feet of industrial space and an additional 23 acres of developable land in Valley Cottage, N.Y.
The ensemble comprising 616 & 618 Corporate Way and 711 Executive Blvd., is situated just off Route 303, 7 miles north of Interstate 287 and 30 miles from Midtown Manhattan. Connecticut is roughly 20 miles east through Mario M. Cuomo Bridge (formerly the Tappan Zee Bridge).
The existing facilities have a combined roster of 21 tenants. Built between 2001 and 2007, the manufacturing/distribution properties offer 20- to 32-foot clear heights. The additional 23-acre wooded land is partially paved and currently used for trailer parking. The development approval process is underway, led by Lincoln Equities.
Built on a 9.3-acre site, 711 Executive Blvd. comprises 111,550 square feet. Located four buildings south, 616 & 618 Corporate Way offer a total of 148,150 square feet across two buildings, according to CommercialEdge.
Both partners of the newly formed venture were active since the onset of the global health crisis. Last month, Los Angeles-based PCCP partnered with Panattoni Development Co. to purchase a 90-acre site in Hagerstown, Md. At the site, the duo is slated to develop a 730,880-square-foot speculative warehouse dubbed Creekside Logistics Center.
Since the beginning of 2021, Lincoln Equities has sold some of its metro New York office and industrial assets. An undisclosed buyer picked up a nearly 200,000-square-foot warehouse on Long Island, in a $74.5 million deal. Later in March, Lincoln Equities sold a three-building office portfolio in Morristown, N.J., for $77 million to The Birch Group.