NEW YORK CITY-The Blackstone Group has agreed to buy a stake ina joint venture with Denver-based ProLogis, according to theWall Street Journal and Bloomberg. The 80% stake,currently held by a fund that Boston-based Eaton Vance manages, isfor 17 million square feet of US warehouse space.

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Citing unidentified sources, the WSJ says Blackstone ispaying $105 million and assuming $512 million of debt for the JVstake. A Blackstone spokeswoman says the company has no comment.Similarly, an Eaton Vance spokeswoman declines comment, as does aProLogis spokeswoman, who tells GlobeSt.com, “we do not makecomments on market rumors.” An industry sourcce says theWSJ and Bloomberg accounts are "basicallyaccurate."

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ProLogis and Eaton Vance have been JV partners since 2004, whenthey teamed up tobuy Keystone Property Trust for $1.6 billion. At that time,ProLogis and Eaton Vance affiliates formed five separate entitiesto buy Keystone’s 22.9 million square feet of warehouse space.

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Published reports also say that Blackstone is partnering withGlimcher Realty Trust to buy the Pearlridge Center mall in Aiea,HI. The partnership is paying Northwestern Mutual Life InsuranceCo. $242 million for the retail property, according to Bloombergand the WSJ. Click here for the WSJ article.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.