(To read more on the industrial market, click here.)
LAKEWOOD, NJ-The Lightstone Group has acquired a 41-building, 2.5-million-sf portfolio in Louisiana, Texas and Ohio for $150 million. The Sealy Co., based in Shreveport, LA, and its joint venture partner Lubert Adler sold the office, warehouse and flex portfolio.
The properties sold for an overall rate of $60 per sf, and are roughly 68% distribution, 27% flex and 5% office. Sealy will continue to manage the portfolio. The exact location of each property was not disclosed.
"The Lightstone Group is happy to be a part of the recovery [of the Gulf Coast] by investing in the area and adding these valuable properties to our growing national portfolio," says David Lichtenstein, chairman and principal of the Lightstone Group. "Our objective at all times is to acquire properties in smart, strategic markets throughout the US and we feel strongly this acquisition fits the bill. Lightstone believes in the future of the Gulf Coast--this investment is a testimony to that fact."
None of the properties in the portfolio received damage from Hurricane Katrina. They are currently about 92% occupied, says Josh Kornberg, senior vice president for Lightstone. Kornberg represented Lightstone in the transaction, with Mike Davis, senior director of Cushman & Wakefield's Tampa office, representing Sealy.
"The strong buyer interest in this transaction validates the belief that the LouisianaIndustrial markets will continue to perform and improve," Davis says. "Josh Kornberg at Lightstone and his team did an exceptional job meeting aggressive due diligence and closing deadlines and performed in an exemplary manner on this transaction."
"They are well-located, good quality, and very functional assets," says Mark Seely of the Sealy Co. "Lightstone, having a long-term approach to ownership, is a good match for us to provide hands-on strategic management, as these relationships are what build term value and create above average portfolio returns."
Around the first of the year Sealy sold a 651,882-sf portfolio in the Woodlands, TX, it had jointly acquired with GE Capital Real Estate. Lincoln Property Co. was the buyer, as reported by GlobeSt.com.
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