Under the deal's terms, TCC will manage Hughes' 12 million sf ofreal estate at 486 wholesale outlets in 38 states, including threemillion sf at 144 sites in Florida. The deal also grows TCC'sFlorida-based management portfolio to 47 million sf.
Hughes gets an opportunity to grow its sales volume by providingconstruction materials at all of TCC's developments. Founded in1928, publicly traded Hughes distributes 350,000 productsnationwide, generating average annual revenue of $3 billion.
"Strategically, it makes sense for us to form agreements likethis where we can concentrate on our core business and receive aneeded service," says Hughes president and CEO Tom Morgan. "Ourrelationship with Trammell Crow Co. has existed for several yearsand this step is evidence of the success we've had together."
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