ACCESS Newswire
22 Oct 2025, 01:43 GMT+10

JACKSONVILLE, FL / ACCESS Newswire / October 21, 2025 / FRP Holdings, Inc. (NASDAQ:FRPH) announced today that the Company has completed the closing on its Purchase and Sales Agreement to acquire the business operations and development pipeline of Altman Logistics Properties, LLC, an operating platform of BBX Capital. Altman Logistics holds minority interests in a portfolio of institutional-grade industrial assets under various stages of development (including the Company's industrial developments in Lakeland and Broward County, FL) as well as a contract for the purchase of an industrial land parcel.

Management believes that this acquisition aligns with its growth strategy by:

Expanding the Company's capabilities and "bench" by adding an accomplished team of professionals with proven development and transaction expertise and established industry relationships-accelerating the talent growth that would otherwise have taken years to build organically and enhancing the ability to deliver on the ten-year investment and development strategy.

Much needed additional resources will support the Company's efforts to execute on existing plan to double NOI over the next five years, furthering our progress to increase FRP's sum-of-the-parts valuation to over $1 billion upon stabilization of the five-year development pipeline.

Enhancing deal flow and pipeline projects for both wholly owned and joint venture opportunities.

Broadening its exposure to high-quality industrial assets in key markets.

Giving the Company 100% ownership of the Lakeland and Davie projects by acquiring Altman's 10% and 20% minority interests, respectively, in those projects.

Management expects that the incoming team will be fully integrated into its industrial platform over the next several months. Their market expertise and relationships will be leveraged to: advance acquisitions, manage the Company's existing development pipeline, and optimize existing stabilized assets. The Company anticipates immediate contributions to sourcing and underwriting activity with minimal disruption to ongoing operations.

The purchase price was $33.5 million, which included a $10 million reimbursement to Altman for the assignment of a bank account held by a special purpose entity that is the guarantor for approximately $49 million on $121.8 million in construction debt. As a result, the net cash requirement was $23.6 million. At closing, $45.3 million of the $121.8 million in total construction financing had been drawn, resulting in a $5.2 million share of debt attributable to the Company. In addition, the Company expects to record additional liabilities related to employee compensation tied to promote participation upon stabilization and sale of the projects.