A joint venture between Lincoln Equities and PCCP has acquired a three-building value-add industrial portfolio in Valley Cottage, New York, for $53.5 million from sellers Sasson Real Estate Group and Garelick Holdco LLC. The portfolio totals 260,000 square feet and was fully leased at the time of the sale.

The Valley Cottage portfolio is leased to a mix of 24 tenants and features 20-foot to 26-foot clear heights, 18 dock doors, 22 drive-in doors and 28% office finish. The property accommodates a light industrial usage. The assets are located 30 miles north of Midtown Manhattan in the Northern New Jersey industrial submarket.

The transaction highlights the deep demand for industrial product due to the global pandemic, according to the JLL senior managing director Jose Cruz, who represented the sellers in the transaction along with senior director Marc Duval, director Jordan Avanzato, associate Ryan Robertson and senior managing director Andrew Scandalios. The portfolio also included a 23-acre development parcel, which enhanced the appeal for the deal.