$209M Portfolio Lands 1031 Buyer

[IMGCAP(1)]LONG ISLAND, NY-Locally based Lighthouse Real Estate Ventures Inc. closes on its purchased of a Northeast portfolio, as part of a 1031 exchange requirement, for $209 million. The portfolio, which consists of 25 warehouse/flex assets and nearly two million sf, was sold by Pleasantville-based Baker Properties.

The geographically diverse portfolio, which was approximately 93% leased at the time of sale, consists of five properties in a corporate campus setting in Morris Plains, NJ, 10 properties located in corporate parks in Elmsford and Port Chester in Westchester County, NY, and 10 properties in Fairfield and New Haven Counties, CT, including five properties in a Interstate 95 corporate campus in Orange, CT. The portfolio also allows for development potential at two-acre and five-acre (plus or minus) sites in Connecticut.

[IMGCAP(2)]Jeffrey Dunne, Steven Bardsley, Jeffrey Oram and David Gavin of CB Richard Ellis’ New York Institutional Group collaborated with William Cuddy and Sean Cahill of CBRE’s Stamford office, Matthew O’Hare of the New Haven office and Tom Mallaney of the Saddle Brook, NJ office negotiated the sale and was responsible for procuring the buyer.