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FRP Holdings to sell warehouse portfolio to Blackstone fund for $359M

FRP Holdings Inc. agreed to sell a portfolio of 41 industrial warehouses and a pair of adjacent lots to Blackstone Real Estate Partners VIII LP affiliate BRE Foxtrot Parent LLC for $358.9 million.

The deal, which remains subject to the approval of FRP's shareholders and other customary conditions, is slated to close during the second or third quarter.

FRP expects to use part of the proceeds to pay for transaction-related costs, to pay off at the deal's closing all debt encumbering the properties and for general working capital purposes. The company also intends to reinvest a portion of the proceeds into its other business segments.

FRP Executive Chairman and CEO John Baker II and certain members of his family and their affiliated trusts agreed to vote their roughly 32.4% stake in the company in favor of the sale.

Blackstone Real Estate Partners VIII is a fund managed by private equity giant Blackstone Group LP's real estate arm.

Eastdil Secured LLC is the exclusive broker on the portfolio transaction, with Houlihan Lokey Capital Inc. serving as financial adviser to FRP and Nelson Mullins Riley & Scarborough LLP acting as its legal counsel. Simpson Thacher & Bartlett LLP is Blackstone's counsel on the deal.