FRP Holdings, Inc. (NASDAQ-FRPH) Jacksonville, Florida; March 22, 2018 –
FRP Holdings, Inc. (the “Company” ) today announced that it has entered into a contract to sell its 41 industrial warehouses and two adjacent lots to an affiliate of Blackstone Real Estate Partners VIII, L.P. (“Blackstone”), for a total purchase price of $358.9 million, subject to adjustment. The sale is subject to customary closing conditions, including approval by the Company’s shareholders. The transaction is expected to close in the second or third quarter of 2018. Details of the transaction and the conditions to its closing are described in the Company’s Current Report on Form 8-K filed on this date with the Securities and Exchange Commission (“SEC”).
Commenting on the transaction, John D. Baker II, Executive Chairman and CEO of the Company stated: “The reduction in corporate income tax rates in a low cap rate environment created too good an opportunity to forgo. We look forward to redeploying these proceeds in our other business segments including Anacostia, Land Development, and Mining/Royalties segments where more recently we have enjoyed more favorable returns.”
BALTIMORE, MD (August 23, 2016) – NAI KLNB has brokered the sale of 10820 Gilroy Road, a single-story, 115,000 square foot industrial and warehouse building situated in the Hunt Valley section of Baltimore County. - See more at: http://baltimore.citybizlist.com/article/372031/nai-klnb-brokers-sale-of-hunt-valley-industrial-building-to-frp-development-for-83-million#sthash.Ez0LjGTY.dpuf