Los Angeles Union Station owner ProLogis has agreed to sell the complex and other real estate to TPG Capital for about $505 million.
The properties, acquired in the takeover of Catellus Development Corp. in 2005, include four shopping centers, two office buildings, 11 mixed-use projects and two residential development joint ventures, said Denver-based ProLogis, considered the world’s largest warehouse company.
ProLogis is selling assets to pay down debt and focus on its industrial properties. TPG Capital is the global buyout group of TPG, an investment company with more than $48 billion of assets under management, according to the statement. Fort Worth-based TPG is run by billionaire David Bonderman.
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