Lehman-controlled partnership completes sale of property portfolio

By Caroline Salls

Pittsburgh, Aug. 7 - A partnership controlled by Lehman Brothers Holdings Inc. completed the sale of a 17.7 million square-foot industrial portfolio of properties located primarily in Reno, Nev., Las Vegas, Central Pennsylvania and New Jersey, according to a news release.

The company said the portfolio was sold in separate transactions to two buyers. Affiliates of Blackstone Real Estate Partners VII acquired the assets located in Reno, which will be managed by IndCor Properties, Blackstone's national industrial portfolio company.

Prologis, an existing partner in the seller venture, acquired assets located in Pennsylvania, Las Vegas and New Jersey.

Since an acquisition in 2007, Lehman and Prologis have reinvested in the portfolio to stabilize both the properties and the capital structure.

The company said the decision to monetize the portfolio today enables Lehman to capitalize on strong demand for industrial product and deliver significant value to its stakeholders.

New York-based Lehman Brothers Holdings Inc. was the fourth-largest investment bank in the United States. The company emerged from bankruptcy on March 6, 2012.

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