FRP Development has sold a big industrial portfolio on the Baltimore-Washington Corridor to fund a new long-term strategy.

The Baltimore-based company sold 40 regional industrial properties to Blackstone Real Estate Partners for $347.2M, it announced on Monday. The sale also included vacant lots adjacent to three of those properties, and one additional property sold to its tenant for $11.7M due to the lease's right of first refusal.

FRP Development and Florida Rock Properties President and Chief Operating Officer David deVilliers Jr. said the sale would go toward funding the company's ongoing projects and future value-add acquisitions in the Baltimore-Washington area.

"With numerous high-profile projects currently in our development pipeline, we intend to focus on the successful execution of these assets in a timely manner from a construction and leasing perspective," deVilliers said. "Concurrently, our team is scouring the mid-Atlantic region for emerging and compelling real estate opportunities that match our exacting acquisition criteria."

Among the current projects, FRP is developing is a joint venture near Nationals Park in Washington, D.C., with MRP Residential called RiverFront on the Anacostia, the first phase of which completed in 2017 and was called Dock 79. The second phase, a retail and residential mixed-use project called The Maren, broke ground in April.

FRP is also in the midst of a joint venture in Baltimore County with St. John Properties called Baltimore Crossroads. The 330K SF office and retail mixed-use project currently has 100K SF under construction.