616 and 618 Corporate Way and 711 Executive Blvd. in Valley Cottage, New York — Courtesy: JLL
By Joshua Burd
Lincoln Equities Group and PCCP have sold nearly 262,000 square feet of light industrial space in New York’s Rockland County for $62.75 million, brokers with JLL announced Wednesday.
According to a news release, Invesco Real Estate purchased the three-building portfolio in Valley Cottage, which includes buildings of 64,000 and 85,790 square feet at 616 and 618 Corporate Way, respectively, and 112,160 square feet at 711 Executive Blvd. The brokers added that the properties, located just off Route 303 and three miles from Interstate 287, are 97 percent leased to 17 tenants from industries including logistics, storage, sales, showrooms, servicing and health care.
JLL’s Morristown-based capital markets team represented the sellers, noting that the buildings have 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. Tenants enjoy strong connectivity to the affluent and densely populated markets of Bergen County, Westchester County and New York City, with access to a robust highway system in the area that connects to more than 980,000 consumers within a 30-minute drive and some 9.8 million consumers within a 60-minute drive.
