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.”
The business park, located at 62nd Street and U.S. Route 40, overlooks Interstate 95 from the city-county line, where it beckons economic activity.