Multi-tenant light industrial portfolio in Rockland County, NY trades for $62.75M

MORRISTOWN, N.J., Feb. 12, 2025 –  JLL Capital Markets announced today the $62.75 million sale of the I-287 Multi-Tenant Light Industrial Portfolio, a three-building, 261,950-square-foot light industrial portfolio in Valley Cottage, New York.

The JLL Suburban Tri-State Capital Markets team represented the sellers, Lincoln Equities Group LLC and PCCP, in the transaction. Invesco Real Estate, the $85 billion global real estate investment business of Invesco Ltd. (NYSE: IVZ), acquired the property.

The portfolio consists of three properties: 616 Corporate Way (64,000 square feet), 618 Corporate Way (85,790 square feet) and 711 Executive Boulevard (112,160 square feet).

The buildings feature suites ranging from 2,720 to 42,075 square feet, with a mix of traditional warehouse space with up to 30-foot clear ceiling heights and shallow-bay light industrial space with 20-foot clear heights. The portfolio is 97% leased to 17 tenants spanning industries including logistics, storage, sales, showrooms, servicing and healthcare.

Situated just off Route 303, three miles from Interstate 287 and less than six miles from the Mario M. Cuomo Bridge, the properties offer exceptional connectivity to the affluent and densely populated markets of Bergen County, Westchester County and New York City. The robust highway system in the area provides access to over 980,000 consumers within a 30-minute drive and over 9.8 million consumers within a 60-minute drive.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

Lincoln Equities Group LLC (LEG), established in 1980, is one of the Northeast’s leading full-service real estate companies. LEG has built a sterling reputation over more than 30 years in the market due to the quality of its professionals, ability to outperform in all market cycles and strong relationships with tenants and the real estate community. The company owns, operates, develops and manages commercial and residential properties throughout the tri-state area and Europe for its own account and for third-party owners.

PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.  PCCP has $24.9 billion in assets under management on behalf of institutional investors as of September 30, 2024.  With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 26-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements.  PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $42.2 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.  PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.

Invesco Ltd. is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive, and alternative investment capabilities. With offices in more than 20 countries, Invesco managed $1.85 trillion in assets on behalf of clients worldwide as of December 31, 2024. For more information, visit www.invesco.com.

Invesco Real Estate is a global real estate investment management business with $85 billion in real estate assets under management, 607 employees and 21 regional offices across the U.S., Europe and Asia as of June 30, 2024. Invesco Real Estate invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd.