Arnold & Porter Advises FRP in Strategic Acquisition of Interests from BBX’s Altman

Arnold & Porter recently advised FRP Holdings, Inc. (FRP), a full-service real estate investment and development company, in FRP’s acquisition of all interests held by Altman Logistics Properties, LLC (Altman), a subsidiary of BBX Capital, Inc., in five properties in various stages of development in Florida and New Jersey, and FRP’s assumption of an agreement by Altman to purchase a sixth property located in Florida.

As part of the deal, which closed on October 21, FRP will acquire Altman’s business operations, development pipeline, and intellectual property under those projects and interests in its guaranty subsidiary. FRP will also hire multiple Altman employees who have worked on the developments.

The transaction required significant cross-practice coordination, with the Arnold & Porter team securing consents from 14 third parties, including governmental authorities, joint venture partners, and lenders.

The Arnold & Porter team was led by counsel Jon Boswell and included partners James Attonito, Uri Horowitz, and Matt Kirsch, senior counsel Carey Smith, counsel Pantea Garroussi, senior associates Kathryn Geoffroy, Kelsey Guinn, and Gus Weinkam, and associates Xixi Chen and Abby Rose.