FRP completes acquisition of Altman Logistics Properties’ development portfolio & operations

FRP Holdings, Inc., a full-service real estate investment and development company with four distinct business segments, including Industrial/Commercial, Development, Multifamily, and Mining and Royalty Lands, today announced the acquisition of the business operations and development pipeline of Altman Logistics Properties, LLC, a former operating platform of Altman. The transaction includes the assumption of a development portfolio comprising high-quality industrial assets in various stages of execution.

This acquisition represents a significant expansion of FRP’s development platform and is expected to enhance the company’s long-term growth trajectory and value creation across key East Coast industrial markets. As a result of this transaction, FRP will have acquired interests in multiple joint venture partnerships to develop approximately 1.28 million square feet of industrial space in various stages of development in Florida and New Jersey and will assume a land acquisition contract providing the opportunity to construct an additional 335,000 square feet in Florida. These projects are strategically located in high-barrier-to-entry markets, offering proximity to deep labor pools, major highway networks, seaports, and airports—positioning FRP to capitalize on sustained demand for infill logistics facilities.

“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.”

In this strategic move, FRP significantly strengthens its capabilities in acquisition, development, disposition, and asset management, in addition to growing its industrial real estate portfolio with five class A logistics properties under development, while entering the New Jersey market and expanding its presence in the Florida market. The financial terms of the acquisition transaction are confidential.

“Acquiring all of Altman Logistics Properties business operations allows FRP to strengthen our presence in high-barrier-to-entry real estate markets and significantly grow our industrial real estate business, making the move a significant investment in the company’s growth,” said David H. deVilliers, III, President & Chief Operating Officer of FRP Holdings, Inc. “Not only does this acquisition expand our industrial footprint and reach in critical industrial markets in New Jersey and Florida but adds an experienced team of real estate professionals who will enhance our capabilities and contribute to the growth of our industrial real estate business.”

As part of the transaction, all of Altman Logistics Properties’ business operations will be integrated into FRP’s industrial platform. The company’s assets and holdings will become part of FRP, including its under construction and planned development pipeline, as well as the land under contract in Southern Florida. Additionally, Altman Logistics Properties’ professionals, led by Mark Levy, who served as the platform’s President, will join FRP as part of this transaction.

“Given our existing joint venture relationship with FRP with respect to two projects in Southern and Central Florida, the sale of Altman Logistics Properties’ business operations to FRP represents a highly strategic progression of our partnership,” said Mark Levy, who will now join the FRP executive leadership team, assuming the role of Chief Investment Officer. “Given FRP’s demonstrated track record in the industrial sector, we are well-positioned to achieve greater scale, operational depth, and sustained growth along the Eastern Seaboard.”

Led by seasoned industry professionals with over 75 years of combined institutional industrial real estate experience, Altman Logistics Properties was founded to develop warehouse and distribution centers in close proximity to urban centers, with a focus on highly supply-constrained submarkets marked by strong population growth and significant demand drivers. The platform focused on the ground-up development of infill logistics facilities, including speculative and build-to-suit developments, as well as the redevelopment of underutilized and functionally obsolete assets.

The transaction encompasses the full integration of Altman Logistics Properties’ active Class A logistics and warehouse development portfolio into FRP’s platform. The portfolio includes Logistics Center at 595, comprising 182,773 square feet of modern distribution space across two buildings; Logistics Center at Lakeland, a 201,420-square-foot Class A logistics facility currently under development in Lakeland, Florida—a key submarket positioned between the Tampa Bay and Orlando metro areas; Logistics Center at Delray, a three-phase, three-building, 592,452-square-foot Class A logistics campus in Delray Beach, Florida; Logistics Center at Parsippany, a 140,031-square-foot Class A warehouse facility in Morris County, New Jersey; and Logistics Center at Hamilton, a 170,800-square-foot warehouse development in Hamilton Township, New Jersey. These assets will add over 300,000 square feet and just under 1 million square feet of new industrial product in New Jersey and Florida, respectively, with a land contract for an additional 335,000 square feet, significantly expanding its footprint in high-barrier-to-entry infill logistics markets along the Eastern Seaboard.

FRP was advised by Arnold & Porter Kaye Scholer LLP in the transaction.