BBX Capital Sells Altman Industrial Properties Division For $34 Million

Fort Lauderdale-based BBX Capital has sold its Altman Logistics Properties division—including two South Florida projects—to FRP Holdings in a $33.5 million transaction.

According to Jacksonville-based FRP Holdings, the purchase price includes $10 million in reimbursement to Altman for the assignment of a bank account tied to a construction loan from one of the division’s development entities.

As part of the deal, Mark Levy, formerly head of Altman Logistics Properties, will join FRP as 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,” Levy said.

The sale follows BBX Capital Chairman and CEO Alan B. Levan’s April announcement that the company would scale back real estate development and consider selling subsidiaries amid economic headwinds. The transaction includes projects representing a combined 1.28 million square feet of potential industrial space. FRP had already been a co-investor with Altman in two of them.

Projects Included in the Sale

• Logistics Center at 595 – a 182,773-square-foot warehouse in Davie, replacing the demolished Signature Grand event hall.
• Logistics Center at Delray – a 592,452-square-foot facility currently under construction in Delray Beach.
• Logistics Center at Lakeland – a 201,420-square-foot warehouse under construction in Lakeland.
• Logistics Center at Parsippany – a 140,031-square-foot project in Morris County, New Jersey.
• Logistics Center at Hamilton – a 170,800-square-foot facility in Hamilton Township, New Jersey.
• A development site in Southwest Ranches at Sheridan Street and Southwest 202nd Avenue, with potential for up to 335,617 square feet of industrial space.

FRP Holdings CEO John D. Baker III emphasized the importance of execution in today’s market: “In an uncertain cap rate and interest rate environment, both talent and superior execution will be the true differentiators among developers and operators. We’re excited to expand our capabilities with the Altman team and broaden our market focus.”

FRP said it plans to continue the Altman Logistics Properties business model and pursue further warehouse developments along the Eastern U.S. The company’s portfolio spans industrial, multifamily, office, and mining-related real estate.

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

Source: SFBJ