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. 

WASHINGTON, D.C. – May 7, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured joint venture equity and construction financing totaling $191.8 million for the development of Phase I of Bryant Street, a mixed-use, transit-oriented development in northeast Washington, D.C.

HFF worked on behalf of the developer, MRP Realty, to arrange a $59.8 million joint venture equity partnership with FRP Development Corp.  Working on behalf of the new partners, HFF also secured $132 million in construction financing through a national bank.

Bryant Street is being developed near the intersection of Rhode Island Avenue and Fourth Street adjacent to the Rhode Island Metro Station (Red Line) and the Metropolitan Branch Trail, a multiuse pedestrian/cycling path that is used by more than 1,200 commuting cyclists daily.  The project is situated within the high-barrier-to-entry neighborhood of Edgewood between the established and rapidly growing neighborhoods of Eckington and Brookland.  In addition to the neighborhood restaurants, breweries and other local nightlife, Bryant Street is easily accessible to Ivy City, Union Market, a newly opened Trader Joe’s and hotspots such Red Hen and Big Bear Café.  Phase I of the development will feature three mid-rise buildings comprising 487 multi-housing units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail.  At full build out, the 13-acre, LEED-certified project will feature 1,500 residential units, 250,000 square feet of retail, 1.5 acres of green space and up to 2,000 below-grade parking spaces for residents and visitors.  Construction commenced in February and Phase I is due for completion in spring 2021.

The HFF debt and equity placement team was led by Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod.

“Edgewood and the surrounding communities near Bryant Street have a rich history and we hope we can build on the great offerings that already exist,” MRP Principal John Begert said.  “We are very excited to have the financing in place to bring this multi-modal neighborhood to life.”