(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."

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