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Blackstone Buying 41-Property Portfolio from FRP for $359M
An affiliate of Blackstone Real Estate Partners VIII, L.P. is acquiring 41 industrial warehouses and two adjacent lots from Jacksonville-based FRP Holdings, Inc. for $358.9 million. The transaction is expected to close by the third quarter of 2018.
The properties are located in the Washington, DC Metro markets of Baltimore and Northern Virginia. FRP Holdings’ portfolio encompassed roughly four million square feet.
FRP Holdings’ John D. Baker II says, “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.”
Eastdil Secured handled the sale.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
