Altman Joint Venture gets $31.9M loan for South Florida Logistics Park

Altman, a leading real estate development company, announced today the successful closing of $31.9 million in construction debt financing and the upcoming start of construction for the development of Apex Logistics Park at Signature Grand by a joint venture between Altman Logistics Properties (f/k/a BBX Logistics Properties) and FRP Development Corp.

Expected to consist of approximately 182,000 square feet of Class A logistics space spread across two buildings, Apex Logistics Park at Signature Grand will replace the former Signature Grand event hall in Davie, Florida. Altman Logistics Properties obtained approvals to build the project late last year. Demolition of the existing site is expected to begin shortly to prepare for the construction of the new logistics development. Vertical construction is anticipated to start in the second half of 2025, with substantial completion currently planned for early 2026.

“As South Florida’s industrial sector continues to see strong demand, securing the financing for Apex Logistics Park at Signature Grand puts us one step closer to our goal of delivering modern, well-located and efficient logistics space to the product-constrained Southeast Broward submarket,” said Mark Levy, President of Altman Logistics Properties. “We are excited to begin construction on this state-of-the-art facility designed to meet the growing needs of businesses in the region and we look forward to contributing to the economic growth of Davie and the broader South Florida Region.”

The financing is being provided by Synovus. The JLL Miami Capital Markets team led by Melissa Rose, Michael DiCosimo, and Val McWilliams assisted with securing the financing on behalf of the joint venture.

“Local and regional banks have notably re-entered the spec industrial construction lending space,” said Melissa Rose, Senior Managing Director at JLL. “As a result, lender interest was robust, particularly given the strong market dynamics and stellar development team for Apex Logistics Park at Signature Grand.”

Situated just south of Interstate-595 and close proximity to Interstate 95, the Florida Turnpike and the Sawgrass Expressway, Apex Logistics Park at Signature Grand will offer tenants strategic access to key transportation hubs, including Fort Lauderdale-Hollywood International Airport and Port Everglades, making it an ideal location for last-mile logistics and distribution.

Led by seasoned industry professionals with over 75 years of combined institutional industrial experience, Altman Logistics Properties was formed to develop distribution centers in proximity to urban areas, with a focus on highly supply-constrained submarkets with strong population growth and significant consumption.

Altman Logistics Properties offers a suite of services, including developing a variety of logistics facilities, including speculative and build-to-suit logistics developments, as well as repositioning obsolete assets. As part of this strategy, joint ventures sponsored by Altman Logistics Properties have acquired several underperforming commercial properties, including an aging office building and catering facility, for the development of logistics infill facilities that will be custom designed and built for last-mile tenants that will serve the surrounding population centers.

“FRP formed a joint venture with Altman to expand our industrial footprint into the Southeast. Altman’s expertise in the market and strong development background made them an ideal partner,” said David deVilliers, III, President and Chief Operating Officer of FRP Holdings, Inc. “Apex Logistics Park at Signature Grand is our first step in bringing Class A industrial product to the South Florida market.”

Elsewhere in Florida, a joint venture between Altman Logistics Properties and FRP Development Corp. also plans to break ground on Apex Logistics at Lakeland, an industrial development approximately 202,000 square feet of logistics space in Lakeland, Florida, a submarket situated between the Tampa Bay and Orlando metro areas. Additionally, Altman Logistics Properties, in partnership with PCCP, LLC, is currently developing a three-phase, 600,000-square-foot logistics facility in Delray Beach, Florida, with the first phase anticipated to be completed this fall.