FRP Holdings Expands Industrial Portfolio with Strategic Acquisition

FRP Holdings, Inc. (NASDAQ:FRPH) announced the completion of its acquisition of Altman Logistics Properties, LLC, a BBX Capital operating platform. This strategic move involves acquiring business operations and development pipelines, enhancing FRP's industrial asset base. Altman Logistics holds interests in various development stages, including contracts for industrial land purchase in Florida. FRP now fully controls Lakeland and Davie projects, acquiring minority interests.

This acquisition aims to bolster FRP’s growth by adding experienced professionals and expanding industrial capabilities. It supports FRP's goal of doubling net operating income over five years. Additionally, integrating Altman's team will enhance acquisition efficiency and pipeline management. The purchase price was $33.5 million, with $23.6 million net cash requirement, accounting for debt obligations.