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South Florida

TPG in contract to buy Flagler’s 12M-square-foot Florida portfolio UPDATED

From left: Flagler Station in Miami, Beacon Court in Boca Raton and the Doral Concourse
From left: Flagler Station in Miami, Beacon Court in Boca Raton and the Doral Concourse

UPDATED Feb. 18 2014 6:10 pm: This contract later fell through, and a portion of the portfolio was sold to AEW Capital Management, while Flagler opted to retain a portion, according to a representative for Flagler Development. That sale closed in April 2012.

TPG Capital is in contract to purchase Flagler Development’s entire 12 million-square-foot portfolio of developed assets, the South Florida Business Journal reported.

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The portfolio includes industrial and office space throughout Florida, especially in the Northeast, and is expected to be worth more than $1 billion. While the sale has yet to be finalized, TPG has already tapped CBRE Group to market Flagler Station in Miami. The other South Florida properties in the portfolio include Sunrise Corporate Plaza I, Doral Concourse and the Fairway Corporate Center and Beacon Square properties in Boca Raton.

The Fort Worth, Texas-based buyer brought in Parkway Properties as a partner with a 10 percent stake in the portfolio.

Eastdil Secured was marketing the portfolio for Flagler. [SFBJ]

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FlaglerParkway PropertiesTPG Capital