Lighthouse Real Estate Ventures is targeting the industrial sector. The New York-based real estate investor has scooped up a portfolio of 25 industrial properties for a total of $209 million (€135 million), according to press reports. The properties, acquired from Pleasantville, New York-based Baker Properties, comprise approximately two million square feet of warehouse and flex space.
The portfolio of industrial assets is spread throughout the New York Tri-State area. Ten of the properties are located in Elmsford and Port Chester in Westchester County, New York; another ten properties in Fairfield and New Haven counties in Connecticut—the Connecticut portfolio also includes two-acre and five-acre sites in the state for potential development; and five properties located in Morris Plains, New Jersey. The portfolio originally included a 26th property in Orange, Connecticut that will be sold to the Southern Connecticut Gas Co. for $11 million.
The 25 properties were approximately 93 percent leased at the time of sale.