NEW YORK CITY-Lehman Brothers Holdings Inc. said Wednesday it has completed its sale of a 17.7-million-square-foot warehouse and distribution center portfolio in which LHBI held a majority stake. The buyers were affiliates of Blackstone Real Estate Partners VII and, in a separate transaction, Prologis Inc., LHBI’s minority partner in the portfolio. An industry source confirms that the 82-asset portfolio traded for a total of about $960 million, roughly the figure reported by Reuters and the Wall Street Journal in late May.

Sixty-four of the properties, totaling 9.5 million square feet, are located in Reno, NV and traded to the Blackstone fund. The private equity giant’s IndCor Properties Inc. will manage the Reno portfolio, according to LHBI.

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