Lighthouse in $209m logistics play

The real estate investment company is adding 25 industrial properties in New York, New Jersey and Connecticut to its property portfolio.

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.