Let $1<p<\infty.$ Let $I$ be a nonempty set and $\mathcal{U}$ be an ultrafilter over $I.$ Let $M_i$ be von Neumann algebras equipped with normal faithful semifinite traces $\tau_i,$ $i\in I.$ Is it true that the ultraproduct of the noncommutative $L^p$spaces, i.e. $\prod_{\mathcal U}L^p(M_i,\tau_i)$ can be identified as $L^p(M,\tau)$ for some von Neumann algebra $M$, $\tau$ being a normal faithful semifinite trace on $M$?
According to remarks of Raynaud in his JOT paper http://www.theta.ro/jot/archive/2002048001/2002048001003.html the class of preduals of semifinite vN alg is not closed under taking ultrapowers, hence not under ultraproducts. See pages 4950. So your question already has a negative answer for $p=1$.
[answer is short and untidy as I am writing in a hurry; I may try to expand on this answer if the linked article does not suffice]

$\begingroup$ @Choi. What can you say when $1<p<\infty$? $\endgroup$ – Samya Kumar Ray Mar 11 at 2:37

3$\begingroup$ @SamyaKumarRay Did you open the paper of Raynaud ? He precisely proves that for $1\leq p<\infty$, the ultraproduct of $\prod_{\mathcal U} L^p(M_i,\tau_i)$ is identified with $L^p(M_{\mathcal U})$ where the von Neumann algebra $M_{\mathcal U}$ is what is now called the "GrohRaynaud" ultraproduct von Neumann algebra. As Yemon recalls, the GrohRaynaud ultraproduct of semifinite von Neumann algebras is in general not semifinite. $\endgroup$ – Mikael de la Salle Mar 11 at 9:39

$\begingroup$ @Mikael de la Salle. than you very much! I also see it. $\endgroup$ – Samya Kumar Ray Mar 11 at 12:36

$\begingroup$ I think some results of Raynaud were generalized to the semifinite case in: arxiv.org/pdf/1605.07435.pdf $\endgroup$ – Adrián GonzálezPérez Mar 11 at 17:42