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FRP Holdings wraps up $347M sale of warehouse portfolio to Blackstone fund

Diversified property company FRP Holdings Inc. wrapped up its $347.2 million sale of 40 industrial warehouses and three additional land parcels to a Blackstone Real Estate Partners VIII LP affiliate.

One warehouse property was not part of the sale as the tenant exercised its right of first refusal to acquire the property for $11.7 million.

Eastdil Secured LLC was FRP's exclusive broker, while Houlihan Lokey Capital Inc. was the financial adviser, with Nelson Mullins Riley & Scarborough LLP serving as legal counsel. Simpson Thacher & Bartlett LLP was Blackstone's counsel on the deal.

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