2MSF East Coast Industrial Portfolio Fetches $209M
- Mar 19, 2008
Lighthouse Real Estate Ventures has snapped up 25 industrial assets from Baker Properties for $209 million. The facilities account for nearly 2 million square feet of warehouse and flex space in the Tri-State area. Baker had spent the last three decades amassing the portfolio, which has an average occupancy rate of 93 percent. Five of the properties are in Morris Plains, N.J.; 10 are in the Westchester County, N.Y. cities of Elmsford and Port Chester; and the remaining 10 are in Connecticut’s Fairfield and New Haven counties. Additionally, the portfolio includes developable land at two- and five-acre sites in Connecticut. Real estate services firm CB Richard Ellis Inc. worked with its New York institutional group on marketing the portfolio, which originally included a 26th property, a facility in Orange, Conn., that is to be sold to the Southern Connecticut Gas Co. for $11 million. The transaction hardly represents a going-out-of-business sale for Baker, as the company plans to use the proceeds from the deal to reposition and enhance its portfolio. For Lighthouse, the purchase of the Baker Portfolio marked the conclusion of a 1031 exchange transaction, the first part of which consisted of the $180 million disposition of a Manhattan property at 100 William St. last December.