TPG Capital is under contract to purchase 12 million square feet of developed office and industrial properties in Florida from Flagler.
It is reported that Parkway Properties Inc. (NYSE: PKY) will joint venture with TPG for a 10 percent interest in the portfolio and will manage the office properties.
Additionally, it is rumored that TPG has hired CBRE, and that CBRE is already marketing Flagler Station in Miami for sale.
The portfolio includes all of Flagler’s developed assets, including those in Northeast Florida.
TPG is an investment firm based in Fort Worth, Texas, that has also considered purchasing the parent company of American Airlines, which filed for bankruptcy late last year.
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