JACKSONVILLE, Fla., May 22, 2018 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ:FRPH) (the “Company”) today announced that it has closed on a deal to sell 40 industrial warehouses and three additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. (“Blackstone”), for a total purchase price of $347.2 million. One warehouse property was excluded from the sale as the tenant exercised its right of first refusal to purchase the property for $11.7 million. Commenting on the transaction, John D. Baker II, Executive Chairman and CEO of the Company stated: “This sale represents nearly three decades of hard work and value creation by our team in Baltimore. It was a great opportunity and marks a tremendously important day for this Company and its shareholders. We look forward to redeploying these proceeds in our other business segments.”
Eastdil Secured, L.L.C. served as the Company’s exclusive broker in connection with the sale, and Houlihan Lokey Capital, Inc. served as financial advisor to the Company. Nelson Mullins Riley & Scarborough LLP served as legal counsel to the Company, and Simpson Thacher & Bartlett LLP served as counsel to Blackstone on the transaction.
Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to, the possibility that the Sale Transaction may adversely affect our remaining business; the possibility that we may be unable to find appropriate reinvestment opportunities for the proceeds from the Sale Transaction; levels of construction activity in the markets served by our mining properties, demand for apartments in Washington D.C., our ability to obtain zoning and entitlements necessary for property development, the impact of lending and capital market conditions on our liquidity, our ability to finance projects or repay our debt, general real estate investment and development risks, vacancies in our properties, risks associated with developing and managing properties in partnership with others, competition, our ability to renew leases or re-lease spaces as leases expire, illiquidity of real estate investments, bankruptcy or defaults of tenants, the impact of restrictions imposed by our credit facility, the level and volatility of interest rates, environmental liabilities, inflation risks, cybersecurity risks, as well as other risks listed from time to time in our SEC filings, including but not limited to, our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements. FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) mining royalty land ownership and leasing, (ii) land acquisition, entitlement and development primarily for future warehouse/office or residential building construction, (iii) ownership, leasing, and management of a residential apartment building, and (iv) warehouse/office building ownership, leasing and management.
Contact:
John D. Milton, Jr.
Chief Financial Officer
904/858-9100