BBX Capital, which develops multifamily properties and owns nationwide candy retailer It'sugar, has sold its industrial portfolio and the team that operates it in a $33.5M deal.

Fort Lauderdale-based BBX sold Altman Logistics Properties to Jacksonville- and Baltimore-based FRP Holdings Inc., the companies announced Wednesday.

FRP bought stakes in five industrial developments that will span a combined 1.3M SF and will take on the Altman Logistics team, including President and CEO Mark Levy.

The move comes after BBX, which manages more than $10B in assets across development, real estate financing, acquisitions and loan servicing, announced in April it would start slowing operations to safeguard against inflationary pressures, waning consumer confidence, elevated interest rates and fluctuating tariff policies.

“We’ve decided we are going to assume the worst, assume there is going to be a recession and act as if we need to protect ourselves and our shareholders,” BBX Chairman Alan Levan told Bisnow in April.

FRP Holdings invests in, develops and manages mining, industrial, office, mixed-use and residential real estate along the East Coast. It has backed major multifamily and retail developments in Washington, D.C., by MRP Realty.

“In an uncertain cap rate and interest rate environment, both talent and superior execution are going to be the true differentiators among developers and operators,” FRP Holdings CEO John Baker III said in a statement. “The ability to identify and leverage relationships and execute our business plan, which includes delivering quality assets under budget with high-quality tenancy, will be the only sure way to create value.”

Altman's portfolio includes minority stakes in the two-building, 183K SF Logistics Center at 595 in Davie, a three-building, 592K SF industrial park in Delray Beach and the 201K SF Logistics Center at Lakeland, all in Florida.

FRP already controlled the majority stake in the Davie and Lakeland projects, and it plans to own those long-term. The remaining projects are expected to be sold at stabilization.

In a release to investors, FRP said the acquisition is part of its effort to double its net operating income over the next five years.

FRP brought in $10.8M in revenue in the second quarter and reported a 72% decrease in net income in the period due to legal expenses and due diligence for a potential investment the company was evaluating at the time, according to its quarterly earnings report.

Altman Logistics Properties was part of BBX’s development subsidiary real estate company, Altman, which now only acquires, develops and sells multifamily rental communities and master-planned single-family communities in Florida.

Levy, who served as head of Altman Logistics Properties for four years, was named chief investment officer of FRP, according to his LinkedIn profile. In his new role, he will lead investments, portfolio performance and capital deployment.

“Given our existing joint venture relationship with FRP with respect to two projects in Southern and Central Florida, the sale of Altman Logistics Properties’ business operations to FRP represents a highly strategic progression of our partnership,” Levy said in a statement.