National Resources Sells Handful of Properties in $450M Deal
In an expansive deal, National Resources unloaded four properties across the tri-state area to a trio of buyers for a combined $450 million.
Lynne Ward’s firm sold the portfolio to a joint venture of Lincoln Property Company, Waterfall Asset Management and Saber-Hightower, the Commercial Observer reported. The properties combine to span more than 4 million square feet.
The most prominent among them is iPark 84 in East Fishkill, a 270-acre business park that traces its history back to being an IBM semiconductor manufacturing plant. Other tenants there include Samsung subsidiary eMagin and agricultural company Cal-Maine. It can also accommodate another 1.5 million square feet of development.
Another New York asset in the deal is Trilogy Lofts, a 97-unit apartment complex in Yonkers adjacent to a Metro-North station. That property also has growth potential as another 50 units are planned there.
Across state lines, the sale included Edgewater Harbor in New Jersey, a 262-unit waterfront complex with 60,000 square feet of retail space. Finally, there’s a 29-acre mixed-use property in Norwalk, Connecticut, which includes a Northwell Health outpatient center, a gym and approved plans for multifamily development.
Deal talks began a year ago when Ward reached out to Saber-Hightower’s Marty Berger. The latter recruited an executive from Lincoln Property at a golf club, then brought in Waterfall to complete the triumvirate of buyers.
Berger noted to the Observer that National Resources’ desire to keep the portfolio intact was “quite limiting,” giving the buyers “the opportunity to negotiate a very attractive price.”
Greenwich, Connecticut-based National Resources centers on the redevelopment of urban and industrial sites. The firm redeveloped more than $2 billion of projects under co-founder Joe Cotter, who died two years ago.
Lincoln Property was in the news earlier this week, when the Newport Beach City Council unanimously approved plans for TPG Angelo Gordon and Lincoln Property to replace the Redstone office campus in California with 132 for-sale townhomes.
In November, Waterfall moved to seize developer Rudy Gabsi’s 90 percent stake in the 611 West 56th Street luxury condo in Manhattan after he allegedly ignored a $92.1 million court judgment.
Read more
TPG Angelo Gordon, Lincoln Property get Newport Beach greenlight for townhomes near John Wayne Airport
National Resources founder Joe Cotter dies suddenly
Lender moves to seize Rudy Gabsi’s stake at 611 West 56th
