Article From CityBizList - FRP Unveils Long-Term Development
FRP Development Corp. Unveils Long-Term Development And Operating Strategy Following Sale Of 40 Local Properties
David deVilliers, Jr.
Baltimore-based development company focused on mixed-use, residential and industrial/warehouse projects in Maryland and Washington, D.C. as well as identifying compelling real estate opportunities
FRP Development Corp., a Baltimore-based full-service development and investment company, has unveiled its long-term development and operating strategy following its recent sale of a major portion of its Baltimore/Washington area asset base including 40 industrial warehouse properties and three adjacent land parcels to Blackstone Real Estate Partners for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale as the tenant exercised its right of first refusal to purchase the property for $11.7 million.
“With numerous high-profile projects currently in our development pipeline, we intend to focus on the successful execution of these assets in a timely manner from a construction and leasing perspective,” explained David deVilliers, Jr., President and Chief Operating Officer of FRP Development Corp. and Florida Rock Properties. “Concurrently, our team is scouring the Mid-Atlantic region for emerging and compelling real estate opportunities that match our exacting acquisition criteria. Together with our strong internal team and development partners, we expect to maintain an active development pace in the foreseeable future.”
Other on-going projects in the Baltimore/Washington corridor include Hollander Business Park, a 330,000 square foot development which includes a 96,000 square foot warehouse building currently under construction; RiverFront on the Anacostia, a four phased 1.1 million square foot mixed-use development adjacent to Nationals Park in downtown Washington, D.C. of which Phase I (now known as Dock 79) consists of 305 apartments and 14,200 square feet of first floor retail was completed in October2017 and Phase II - The Maren, also a mixed-use project consisting of 264 units and 7,000 square feet of retail also broke ground in early April. Both Dock 79 and the Maren are being co-developed with their local DC partner MRP Residential.
FRP is also jointly developing with St. John Properties a 330,000 square foot commercial office and retail project within Baltimore Crossroads in Baltimore County, Maryland of which 100,000 square feet is currently under construction. Other FRP projects include two residential developments including a 118-acre site in Carroll County that can support more than 250 single-family homes and townhomes as well as a 24-acre residential subdivision in eastern Baltimore County that can support more than 125 single-family homes.
“Our recently-sold portfolio captured the attention of a highly-respected national real estate group, which is a strong testament to the investment-grade quality of these properties, as well as the talents of our development, leasing and asset management team,” deVilliers added. “Our immediate strategy is to leverage our experience and available cash reserves to uncover value-add real estate opportunities to fuel long-term growth. The company’s existing projects have strong designs and concepts and will also keep our team extremely active in the local region.”
FRP Development Corp./Florida Rock Properties, Inc. (FRP) is a Maryland-based full service development company specializing in commercial, mixed use, and industrial real estate. Incorporated in May of 1989, the company is a wholly-owned subsidiary of FRP Holdings, Inc., a Florida-based company, publicly traded on the NASDAQ Stock Exchange under the symbol “FRPH.”