Lakeland logistics facility included in $33.5M portfolio, operations sale

A Lakeland logistics facility under development is included in the $33.5 million purchase of a development portfolio and operations of Fort Lauderdale-based Altman Logistics Properties. 

FRP Holdings, a Jacksonville real estate investment and development company, bought the Logistics Center of Lakeland as part of the purchase which totals 1.28 million square feet across five industrial developments in Florida and New Jersey. 

In addition to the local property, the Florida developments are in Delray Beach and Davie and the New Jersey ones are Parsippany and Hamilton Township. 

FRP says in a statement that it is also assuming a land contract that will allow it to build an additional 335,000 square feet. 

The Logistics Center of Lakeland, which was previously name Apex Logistics at Lakeland, is being built on 22.5 acres just south of State Road 33 in Polk County on the site of a recently demolished one-story office building. The facility will be 202,000 square feet. 

According to county records, an LLC tied to Altman paid $2.8 million for it last year. 

Altman announced $16 million in construction financing for the project earlier this year. In a statement at that time, the project was described as a joint venture between Altman and FRP. 

According to a statement announcing RFP’s purchase, “the transaction encompasses the full integration of Altman Logistics Properties’ active Class A logistics and warehouse development portfolio into FRP’s platform.”