Lighthouse Real Estate Ventures acquires Tri-State Baker portfolio

Lighthouse Real Estate Ventures, Inc., one of metropolitan New York's most active commercial real estate owner/operators, has acquired certain commercial assets from the Baker Companies. The acquisition encompasses 1.9 million s/f of office/warehouse flex space across 25 properties in the tri-state area. The transaction, which closed on February 28, was valued at $209 million. The geographically diverse portfolio consists of: * Five properties in American Enterprise Park in Morris Plains, N.J. (450,000 s/f). * Six properties in Fairview Corporate Park in Elmsford, N.Y. (251,000 s/f plus 17 acres). * Four properties in Midland Business Park in Port Chester, N.Y. (337,000 s/f). * Six properties in Executive Campus Business Park in Orange, Conn. (394,000 s/f). * Four properties in Shelton, Milford and Orange, Conn. (443,000 s/f). All of the properties are set in prime sub-markets populated by Fortune 500 companies and other major corporations, where tenant demand for warehouse/flex space is historically strong. All are situated in superior corporate campuses strategically located adjacent to major thoroughfares and public transportation hubs, with easy access to metro New York and the entire tri-state region. The Baker portfolio comes to Lighthouse 92% leased, with a prestige list of tenants that includes BKM, DHL Express, Dooney & Bourke, Federal Express, JPMorgan Chase, the Wine Enthusiast, Coca-Cola and Verizon.