FRP Holdings, Inc. has completed a purchase and sales agreement to acquire the business operations and development pipeline of Altman Logistics Properties, LLC, an operating platform of BBX Capital.
Altman Logistics holds minority interests in a portfolio of institutional-grade industrial assets under various stages of development, including the company’s industrial developments in Florida as well as a contract for the purchase of an industrial land parcel.
The purchase price was $33.5 million, which included a $10 million reimbursement to Altman for the assignment of a bank account held by a special purpose entity that is the guarantor for approximately $49 million on $121.8 million in construction debt.
As a result, the net cash requirement was $23.6 million. At closing, $45.3 million of the $121.8 million in total construction financing had been drawn, resulting in a $5.2 million share of debt attributable to the company.
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