{"id":1004213526,"date":"2018-03-26T03:47:22","date_gmt":"2018-03-26T11:47:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004213526"},"modified":"2022-12-08T10:20:43","modified_gmt":"2022-12-08T18:20:43","slug":"blackstone-snags-industrial-portfolio-for-359m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/","title":{"rendered":"Blackstone Snaps Up Industrial Portfolio for $359M"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"Lakeside<\/a>

Lakeside Business Park in Edgewood, Md.,<\/p><\/div>\n

FRP Holdings Inc. has agreed to sell 41 industrial properties and two adjacent parcels in the Mid-Atlantic region to an affiliate of Blackstone Real Estate Partners VIII LP<\/a> for a total purchase price of $358.9 million, FRP announced. The sale is expected to close in the second or third quarter.<\/p>\n

\u201cThe reduction in corporate income tax rates in a low cap rate environment created too good an opportunity to forgo<\/em>,\u201d John Baker II, FRP\u2019s executive chairman & CEO, said in a prepared statement. \u201cWe look forward to redeploying these proceeds in our other business segments including Anacostia, Land Development, and Mining\/Royalties segments where more recently we have enjoyed more favorable returns.<\/em>\u201d<\/p>\n

Portfolio details<\/h2>\n

More than three-quarters of the assets are in Maryland, with the rest in Virginia and Delaware, according to an SEC Form 8-K filed by FRP.<\/p>\n

The Maryland properties include:<\/p>\n

    \n
  • Transit Business Park, a five-building, 232,300-square-foot park in Baltimore;<\/li>\n
  • Lakeside Business Park in Edgewood, Md., consists of nine warehouse\/flex buildings on 64 acres of a site that totals 84 developable acres. Total developed space is 893,700 square feet;<\/li>\n
  • Kelso Business Park, in Baltimore, two buildings totaling 69,700 square feet, completed in 1999;<\/li>\n
  • Gilroy Center in Hunt Valley, a single building of 107,400 square feet on 7 acres. The building was completed in 1967, but underwent a full exterior renovation in 2016;<\/li>\n
  • Four warehouse\/office buildings in the 49-acre Hillside Business Park, in Hanover, Md.;<\/li>\n
  • The single-building Dorsey Run Business Center, in Jessup, Md., with 85,100 square feet on nearly 6 acres.<\/li>\n<\/ul>\n

    Eastdil Secured LLC was FRP\u2019s exclusive broker in connection with the sale, and Houlihan Lokey Capital Inc. served as FRP\u2019s financial advisor. Nelson Mullins Riley & Scarborough LLP was FRP\u2019s legal counsel, and Simpson Thacher & Bartlett LLP served as counsel to Blackstone on the transaction.<\/p>\n

    Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    FRP Holdings Inc. has agreed to sell 41 properties and two adjacent parcels in the Mid-Atlantic region to an affiliate of Blackstone Real Estate Partners VIII LP.<\/p>\n","protected":false},"author":882,"featured_media":1004213565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,11,21742],"tags":[36878,33101,34333,33129],"class_list":["post-1004213526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-midatlantic","category-latest","tag-blackstone-real-estate-partners-viii","tag-eastdil-secured","tag-simpson-thacher-bartlett","tag-the-blackstone-group"],"acf":[],"yoast_head":"\nBlackstone Snaps Up Industrial Portfolio for $359M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone Snaps Up Industrial Portfolio for $359M\" \/>\n<meta property=\"og:description\" content=\"FRP Holdings Inc. has agreed to sell 41 properties and two adjacent parcels in the Mid-Atlantic region to an affiliate of Blackstone Real Estate Partners VIII LP.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-26T11:47:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:20:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1506-Quarry-Drive-in-Edgewood-Md.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-snags-industrial-portfolio-for-359m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-snags-industrial-portfolio-for-359m\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Blackstone Snaps Up Industrial Portfolio for $359M\",\"datePublished\":\"2018-03-26T11:47:22+00:00\",\"dateModified\":\"2022-12-08T18:20:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-snags-industrial-portfolio-for-359m\\\/\"},\"wordCount\":322,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-snags-industrial-portfolio-for-359m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/03\\\/1506-Quarry-Drive-in-Edgewood-Md.jpg\",\"keywords\":[\"Blackstone Real Estate Partners VIII\",\"Eastdil Secured\",\"Simpson Thacher & Bartlett\",\"The Blackstone Group\"],\"articleSection\":[\"Deals\",\"Featured\",\"Industrial\",\"Investment\",\"Mid-Atlantic\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-snags-industrial-portfolio-for-359m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-snags-industrial-portfolio-for-359m\\\/\",\"name\":\"Blackstone Snaps Up Industrial Portfolio for $359M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-snags-industrial-portfolio-for-359m\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-snags-industrial-portfolio-for-359m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/03\\\/1506-Quarry-Drive-in-Edgewood-Md.jpg\",\"datePublished\":\"2018-03-26T11:47:22+00:00\",\"dateModified\":\"2022-12-08T18:20:43+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-snags-industrial-portfolio-for-359m\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-snags-industrial-portfolio-for-359m\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-snags-industrial-portfolio-for-359m\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/03\\\/1506-Quarry-Drive-in-Edgewood-Md.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/03\\\/1506-Quarry-Drive-in-Edgewood-Md.jpg\",\"width\":800,\"height\":620,\"caption\":\"Lakeside Business Park in Edgewood, Md.,\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-snags-industrial-portfolio-for-359m\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Blackstone Snaps Up Industrial Portfolio for $359M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/scott-baltic\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Blackstone Snaps Up Industrial Portfolio for $359M - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/","og_locale":"en_US","og_type":"article","og_title":"Blackstone Snaps Up Industrial Portfolio for $359M","og_description":"FRP Holdings Inc. has agreed to sell 41 properties and two adjacent parcels in the Mid-Atlantic region to an affiliate of Blackstone Real Estate Partners VIII LP.","og_url":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-03-26T11:47:22+00:00","article_modified_time":"2022-12-08T18:20:43+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1506-Quarry-Drive-in-Edgewood-Md.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/"},"author":{"name":"Scott Baltic","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"headline":"Blackstone Snaps Up Industrial Portfolio for $359M","datePublished":"2018-03-26T11:47:22+00:00","dateModified":"2022-12-08T18:20:43+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/"},"wordCount":322,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1506-Quarry-Drive-in-Edgewood-Md.jpg","keywords":["Blackstone Real Estate Partners VIII","Eastdil Secured","Simpson Thacher & Bartlett","The Blackstone Group"],"articleSection":["Deals","Featured","Industrial","Investment","Mid-Atlantic","News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/","url":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/","name":"Blackstone Snaps Up Industrial Portfolio for $359M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1506-Quarry-Drive-in-Edgewood-Md.jpg","datePublished":"2018-03-26T11:47:22+00:00","dateModified":"2022-12-08T18:20:43+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1506-Quarry-Drive-in-Edgewood-Md.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1506-Quarry-Drive-in-Edgewood-Md.jpg","width":800,"height":620,"caption":"Lakeside Business Park in Edgewood, Md.,"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-snags-industrial-portfolio-for-359m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Blackstone Snaps Up Industrial Portfolio for $359M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1506-Quarry-Drive-in-Edgewood-Md.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004213526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004213526"}],"version-history":[{"count":4,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004213526\/revisions"}],"predecessor-version":[{"id":1004214381,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004213526\/revisions\/1004214381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004213565"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004213526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004213526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004213526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}