The properties have a total of 16 million square feet (1.5 million square meters) and are located throughout the U.S.’s southern, mid-Atlantic and Midwest regions, said the person, who asked not to be named because the information is private. Blackstone owns more than 45 million square feet of industrial real estate through a Chicago-based company called IndCor Properties Inc.

Australia’s Dexus is in exclusive talks with an undisclosed buyer for the sale of the properties, and a transaction is conditional on satisfactory due diligence and approval by its board, the company said in a statement to the Australian stock exchange today. Peter Rose, a spokesman for New York-based Blackstone, declined to comment. Ben Leeson, a spokesman for Sydney-based Dexus, declined to comment beyond the company’s statement today.

U.S. warehouse owners have seen a net gain in occupied space for six quarters as the economy begins to pick up, according to a March 22 report from Green Street Advisors Inc., a property research firm in Newport Beach, California. While “industrial fundamentals are slowly recovering,” an increase in rents “remains elusive,” John Stewart, a senior analyst at Green Street, said in the report.

Dexus is Australia’s biggest owner and manager of office properties. The company said on Feb. 15 that it plans to sell all of its European industrial properties within 18 months and resume sales in the U.S.

The Blackstone transaction was reported earlier today by industry newsletter Real Estate Alert.

To contact the reporters on this story: Hui-yong Yu in Seattle at hyu@bloomberg.net; Nichola Saminather in Sydney at nsaminather1@bloomberg.net

To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net

http://www.bloomberg.com/news/2012-04-04/blackstone-said-to-agree-to-purchase-69-u-s-warehouses.html

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