A sprawling Norwalk mixed-use property anchored by Northwell Health has changed hands for approximately $105.5 million as part of a larger $450 million real estate portfolio acquisition spanning three states.
Lincoln Property Co., Saber-Hightower and Waterfall Asset Management announced Wednesday that they acquired the roughly 29-acre property at 761 Main Ave., which includes approximately 400,000 square feet of commercial space and sites approved for future multifamily development.
Norwalk land records show the property was transferred through multiple transactions involving several parcels and ownership entities, in a deal totaling about $105.5 million.
The seller was National Resources, a Greenwich-based real estate development firm that acquired the former Perkin-Elmer property in 2007 and subsequently redeveloped it into the mixed-use iPark complex.
Today, the complex is anchored by a Northwell Health outpatient medical facility and also houses the headquarters of bicycle manufacturer Cannondale and a roughly 70,000-square-foot Club Studio fitness facility.
The new ownership group said its plans include expanding the medical office presence at the Norwalk property. The buyers also said the site contains pads approved for multifamily development.
The Norwalk property was acquired as part of a $450 million portfolio deal that includes real estate in Connecticut, New York and New Jersey. All of the properties were owned by National Resources.
The largest in the portfolio is iPark 84, a 270-acre business park in East Fishkill, New York, with approximately 1.8 million square feet of space and capacity for more than 1.5 million square feet of additional development.
The portfolio also includes Edgewater Harbor, a 262-unit waterfront mixed-use development in Edgewater, New Jersey, and Trilogy Lofts, a 97-unit apartment community near the Tuckahoe Metro-North station in Yonkers, New York. A 50-unit second phase of Trilogy Lofts is expected to begin development this year.
Lincoln Property Co. is a large private real estate firm with investments and operations across a range of property types. Saber-Hightower is a New York-based real estate development and investment firm, while Waterfall Asset Management is a New York-based alternative investment manager with approximately $12.1 billion in assets under management as of March 31.
