PARSIPPANY — FRP Holdings, a real estate investment and development company, acquired the development portfolio and operations of Fort Lauderdale-based Altman Logistics Properties (ALP).
The transaction significantly expands FRP’s East Coast industrial platform and solidifies its presence in Florida and enables FRP to enter New Jersey, two of the nation’s most competitive logistics markets. The financial terms of the acquisition transaction are confidential.
The acquisition includes more than 1.28 million square feet in five industrial developments located in Delray Beach, Davie, Lakeland in Florida, Parsippany and Hamilton Township in New Jersey, and a land contract for an additional 335,000 square feet in Florida.
FRP said these projects are strategically located in high-barrier-to-entry markets, offering proximity to deep labor pools, major highway networks, seaports and airports.
“In an uncertain cap rate and interest rate environment, both talent and superior execution are going to be the true differentiators among developers and operators. The ability to identify and leverage relationships and execute our business plan, which includes delivering quality assets under budget with high-quality tenancy, will be the only sure way to create value,” said John D. Baker III, chief executive officer of FRP Holdings, Inc.
“We know from working with Altman Logistics Properties how special their team is, and it is exciting to think about what we will be able to accomplish with a deeper bench and broader market focus.”
The Altman Logistics Properties portfolio transaction includes a 140,031-square-foot Class A warehouse redeveloped from former obsolete office buildings at 20 and 30 Lanidex Plaza West in Parsippany, along with a 170,800-square-foot warehouse project in Hamilton Township.
As part of the transaction, Altman’s team, led by 25-year industry veteran Mark Levy, will join FRP where Levy will serve as chief investment officer, helping to drive the company’s industrial business growth.
