MIAMI—Flagler Development may soon trade hands again. The rumor mill is churning about a Fortress Investment Group sale of Flagler’s 12 million-square-foot-portfolio to TPG Capital. Other rumors have some of the assets going to AEW Capital and Parkway.

A Flagler spokesperson declined to comment on the rumors, but the deal seems imminent. Sources say TPG Capital, a Fort Worth, TX-based investment firm, is expected to pay $1 billion for Flagler’s more than 12 million square feet of class A office and industrial space across the state. TPG Capital, AEW Capital and Parkway could not immediately be reached for comment.

“It makes all the sense in the world for all the parties involved,” says Warren Weiser, chairman and co-founder of Continental Real Estate Companies. “It would give the buyer a great platform for Florida, which will enable them to be a substantial player in this marketplace over night.”