Lincoln Road Property Values Triple In 3 Years With $342 Million Sale

Terranova Corporation and Acadia Realty Trust have a contract to sell Lincoln Road and Lincoln Lane property to an undisclosed institutional buyer for $342 Million.

In total, 114,600 square feet of property is pending, divided into two portfolios:

  • 59,700 square feet (including one Lincoln Lane property), purchased for for $51.9 million in February 2011. Including additional incurred costs, $54.5 million has been invested to date. Now in contract for $141.8 million or $2,375 per square foot. IRR of 46% and equity multiple of almost three times.
  • 54,900 square feet (all Lincoln Road), purchased for $139 million in December 2012. Including additional incurred costs, $141 million has been invested to date. Now in contract for $200.2 million or $3,647 per square foot. IRR of 48% and an equity multiple of close to two times in just 20 months.

 

On average, the sale is at $2,984 per square foot. However, some of the property in contract is located on a second floor or on Lincoln Lane.