TPG’s Deal For Flagler Portfolio Hits Snag

Mar 21, 2012 No Comments by

TPG Capital’s deal to purchase Flagler’s 12 million square foot portfolio of built assets throughout Florida has stalled, according to sources who asked not to be named.

But AEW Capital is still on track to buy the developed industrial buildings at Flagler Station, according to multiple real estate sources.

As part of the deal, AEW would have first right of refusal on the purchase of new buildings at Flagler Station. Flagler, which is owned by Fortress Investment Group (NYSE: FIG), would also continue to manage and lease Flagler Station after the sale for at least two years, the sources said.

The TPG Capital deal stalled in part because the parties could not agree on a price. The entire portfolio was expected to sell for about $1.2 billion, with office and industrial buildings outside South Florida accounting for about $800 million of the purchase price, the sources said.

Some real estate experts have also said that Fortress would also stand to make more money if it carved out Flagler Station located in Miami and sold it separately.

Officials from Flagler, TPG or AEW have declined to comment during the negotiations.

Source: SFBJ

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Industrial / Flex, Industry News, Miami-Dade County Industrial / Flex, Miami-Dade County Office, NA, Office
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