BBX Logistics Properties in partnership with FRP Development Corp announces plan to develop over 200,000 sf. logistics park in Lakeland, FL.
FORT LAUDERDALE – BBX Logistics Properties and FRP Development Corp today announced the formation of a joint venture to develop BBX Park at Lakeland consisting of approximately 213,500 square feet of state-of-the-art logistic facilities on 22.5 acres in Lakeland Florida. Both companies are full-service real estate development firms and this venture marks a significant milestone in the expansion of logistics infrastructure in the region.
“Embarking on this project in Lakeland reflects our commitment to innovation and excellence in industrial real estate development,” said Seth Wise, President of BBX Capital Real Estate and Chairman of BBX Logistics Properties. This development comes on the heels of our announcement of BBX Park in Delray Beach and builds on our strategy to invest in Class-A logistics facilities in strategic locations.”
“This acquisition of the Lakeland property and the formation of this joint venture is the culmination of an outstanding effort by our team to identify best-in-class infill logistics assets,” said Mark Levy, President of BBX Logistics Properties. “Our project will be highly flexible and cater to tenants seeking a centralized last mile distribution location on the I-4 Corridor.”
BBX Park at Lakeland, located at 8255 State Road 33 N, Lakeland, FL 33809, is in what we believe is a highly desirable location directly north of I-4 and south of SR-33, offering both visibility and convenient access to major transportation arteries. With its prime location within 50 miles of both Tampa and Orlando, the park is poised to become a pivotal hub for logistics operations in Central Florida.
The initial phase of construction is expected to commence in the fourth quarter of 2024 with completion and occupancy anticipated in 2025. Leasing will be handled by Kris Courier, Senior Vice President of CBRE’s Industrial Services brokerage team based in Tampa.
“We are thrilled to partner with BBX Logistics Properties in the development of this Class A, best-in-class industrial development in Lakeland, Florida,” said David deVilliers, III, Executive Vice President of FRP Development Corp. “This venture underscores our shared commitment to driving economic growth and innovation in the region and expanding our industrial reach from the Mid-Atlantic to Florida. Together, we look forward to delivering a world-class facility that will serve as a cornerstone for logistics excellence in Central Florida.”
For more information about BBX Logistics Properties, please visit www.BBXLogisticsProperties.com.
About BBX Logistics Properties: BBX Logistics Properties is a logistics development and investment management firm that develops and invests in state-of-the-art logistics facilities that meet the quickly-evolving needs of commerce. The company focuses on speculative and build-to-suit real estate, asset repositioning, and fee development in high-barrier, infill locations with direct proximity to ample labor pools, highways, port and airport infrastructure, and densely populated areas. BBX Logistics Properties is focused on key markets throughout Florida and the Eastern United States and is led by highly tenured industry professionals with an average of 25 years of experience. A division of BBX Capital Real Estate, which also owns The Altman Companies, BBX Logistics Properties was founded in 2021 in South Florida. For more information, visit www.BBXLogisticsProperties.com.
About BBX Capital Real Estate: BBX Capital Real Estate, a wholly-owned subsidiary of BBX Capital, Inc., is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures, including investments in multifamily rental apartment communities, single-family master-planned for-sale housing communities, and commercial properties located primarily in Florida. BBX Capital Real Estate owns The Altman Companies and BBX Logistics Properties. For more information, please visit www.BBXCapitalRealEstate.com.
About BBX Capital, Inc.: BBX Capital, Inc. is a Florida-based diversified holding company whose principal holdings include BBX Capital Real Estate, BBX Sweet Holdings, and Renin. For additional information, please visit www.BBXCapital.com.
About FRP Development Corp: FRP is wholly-owned by FRP Holdings, Inc. NASDAQ ticker symbol “FRPH”, a Florida-based holding company engaged in the real estate business. With offices in Baltimore, MD and Jacksonville, FL, FRPH has been engaged in the investment, development, management, and disposition of mining, industrial, office, apartment and residential real estate along the Eastern Seaboard of the United States since 1989. For additional information, please visit www.frpdev.com.
Forward-Looking Statements:
This press release contains forward-looking statements. Forward-looking statements are based largely on current expectations of BBX Logistics Properties and BBX Capital, Inc. (collectively, the “Company”) and involve a number of risks and uncertainties. The forward-looking statements in this press release are also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These risks and uncertainties include, but are not limited to, the risk that BBX Park at Lakeland will not be developed as currently planned or anticipated; risks related to the development, including that development may take longer than anticipated; the risk that the development may not be as desirable or successful as anticipated; the risk that the Company may not identify additional developments or investments in the future and may choose not to pursue such developments; and other economic, competitive and other risks relating to real estate and real estate development. Reference is also made to the other risks and uncertainties described in the Company’s Quarterly and Annual Reports filed with the SEC and which are available on the SEC’s website (www.sec.gov) and on the Company’s website (www.BBXCapital.com). The Company cautions that the foregoing factors are not exclusive. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made.
Media Contact:
Kip Hunter Marketing
Nicole Lewis (c: 305-803-9177), Nicole@kiphuntermarketing.com
Kip Hunter (c: 954-303-5551), Kip@kiphuntermarketing.com
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