BBX Logistics Properties, the logistics development
subsidiary of BBX Capital Real Estate and BBX Capital,
Inc. (OTCQX: BBXIA) (PINK: BBXIB), and FRP Development
Corp, a Jacksonville-based full-service real estate investment
and development company, announced today the successful acquisition
of Signature Grand in Davie, FL. A joint venture between BBX
Logistics Properties and FRP Development Corp intends to redevelop
the 11.3-acre site into The Park at Davie, consisting of two
buildings and approximately 182,000-square-feet of logistics
space.
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Rendering of The Park at Davie. (Photo:
Business Wire)
“We are excited to partner with FRP Development Corp on another
joint venture,” said Seth Wise, Chairman of BBX Logistics
Properties. “The Park at Davie is planned to provide modern
logistics solutions that address the increasing needs of the market
and Fort Lauderdale-Hollywood International Airport and Port
Everglades. We look forward to contributing to the economic growth
of Davie and the broader South Florida region.”
“The acquisition of the Davie property is the culmination of an
outstanding effort by our team to identify infill sites that are
positioned to support best-in-class logistics properties,” said
Mark Levy, President of BBX Logistics Properties. “Supply
for modern logistics space is very limited, and we believe that
space such as this is needed to serve regional consumer demand for
speedier delivery. We are excited to work with the Town of Davie to
bring this facility to fruition.”
The project’s location, just south of State Road 84 between
University Drive and Davie Road, offers visibility and convenient
access to major transportation arteries, including Florida
Turnpike, I-595, I-95, and I-75. Its proximity to the Fort
Lauderdale-Hollywood International Airport and Port Everglades,
combined with its location relative to Miami and Palm Beach,
positions the park to become a pivotal hub for logistics operations
in South Florida such as last-mile direct-to-consumer
distribution.
The initial phase of construction is currently expected to
commence in the fourth quarter of 2024 with completion anticipated
in 2025.
“We are thrilled to again partner with BBX Logistics Properties
in the development of this Class A industrial property and expand
our assets in Florida,” said David deVilliers, III, Executive
Vice President of FRP Development Corp. “This venture
underscores our shared commitment to economic growth and supply
chain excellence in the region. Together, we look forward to
delivering a world-class facility that is planned to serve as a
cornerstone for logistics excellence in South Florida.”
BBX Logistics Properties and FRP recently announced another
joint venture to develop The Park at Lakeland, which is
expected to consist of approximately 213,500 square feet of
logistics space on 22.5 acres in Lakeland, Florida. Both projects
reflect the companies’ commitment to enhancing logistics
infrastructure across key locations in Florida.
About BBX Logistics
Properties: The goal of BBX Logistics Properties is to
develop and invest in state-of-the-art logistics facilities that
meet the quickly evolving needs of commerce. The company is focused
on identifying speculative and build-to-suit real estate, asset
repositioning, and fee development in high-barrier, infill
locations with direct proximity to 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 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, please 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,
warehouse and logistics facilities, 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. (OTCQX: BBXIA) (PINK: BBXIB) 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 Capital, Inc. (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 Park at Davie will not be
developed as currently planned or anticipated; risks related to the
development, including that costs may be greater than anticipated
and that development may take longer than anticipated; the risk
that the Company’s cash contributions to the joint venture formed
to invest in the development may be greater than anticipated; risks
associated with the joint venture’s ability to obtain debt
financing for the development; the risk that the Company’s
investment in the joint venture may not achieve the returns
anticipated or be profitable; 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.
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Kip Hunter Marketing Nicole Lewis (c: 305-803-9177),
Nicole@kiphuntermarketing.com Kip Hunter (c: 954-303-5551),
Kip@kiphuntermarketing.com