Lehman Brothers Holdings Inc. has divested another real estate portfolio, selling of its North American Industrial Fund III portfolio to The Blackstone Group and ProLogis. Lehman sold the massive portfolio totaling 17.7 million square feet over 82 properties in Nevada, New Jersey and Pennsylvania for a total of $960 million. Lehman was represented by Steven Klein, David Drewes, Justin Elliott, Edward Dix of Willkie Farr & Gallagher.
According to a CoStar report, the portfolio was sold in separate transactions to the two buyers, with affiliates of Blackstone Real Estate Partners VII acquiring the Reno assets, which will be managed by IndCor Properties, Blackstone's national industrial portfolio company. Prologis Inc., an existing partner with Lehman, acquired the Pennsylvania, Las Vegas and New Jersey properties. The decision to monetize the portfolio today enables Lehman "to capitalize on strong demand for high-quality industrial product and deliver significant value to its stakeholders," the company said in a statement.
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