BAKER INDUSTRIAL PORTFOLIO SELLS $209 MILLION

NEW JERSEY, NEW YORK AND CONNECTICUT Lighthouse Real Estate Ventures has acquired the 25-asset Baker industrial portfolio for $209 million. The 1.98 million-square-foot warehouse/flex portfolio consists of five properties in Morris Plains, N.J.; 10 facilities situated in corporate parks in Elmsford and Port Chester, N.Y.; and 10 properties in Fairfield and New Haven counties in Connecticut. The portfolio also includes a 2- and 5-acre site for future development. Jeffrey Dunne, Steven Bardsley, Jeffrey Oram, David Gavin, William Cuddy, Sean Cahill, Matthew O Hare and Tom Mallaney of CB Richard Ellis represented the seller, Baker Properties and procured the buyer in the transaction, which was a 1031 exchange sale. At the time of the sale the portfolio was 93 percent leased.