BBX Logistics Properties, the logistics development arm of BBX Capital Real Estate and BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB), alongside FRP Development Corp, a Jacksonville-based full-service real estate investment and development company, have successfully acquired the Signature Grand property in Davie, FL. This acquisition marks the beginning of their joint venture to transform the 11.3-acre site into The Park at Davie, featuring two buildings totaling approximately 182,000 square feet of state-of-the-art logistics space.
Seth Wise, Chairman of BBX Logistics Properties, expressed enthusiasm about the collaboration, stating, “We are excited to partner with FRP Development Corp on another joint venture. The Park at Davie is designed to meet the growing demands of the market, particularly in proximity to Fort Lauderdale-Hollywood International Airport and Port Everglades, contributing to the economic vitality of Davie and South Florida.”
Mark Levy, President of BBX Logistics Properties, highlighted the strategic significance of the location and the increasing need for modern logistics facilities. “The Park at Davie will play a crucial role in fulfilling regional consumer demands for faster delivery, benefiting from its strategic access to major transportation routes and key hubs like Miami and Palm Beach.”
The project site, positioned south of State Road 84 between University Drive and Davie Road, offers excellent visibility and convenient access to major highways including the Florida Turnpike, I-595, I-95, and I-75. Its proximity to major transportation hubs makes it an ideal location for last-mile direct-to-consumer distribution operations.
Construction for the initial phase of The Park at Davie is scheduled to commence in the fourth quarter of 2024, with completion anticipated in 2025.
David deVilliers, III, Executive Vice President of FRP Development Corp, expressed excitement about expanding their Florida portfolio through this venture. “We are thrilled to partner again with BBX Logistics Properties to develop this Class A industrial property. This joint effort underscores our commitment to economic growth and supply chain efficiency in the region, aiming to deliver a world-class facility that will set new standards for logistics excellence in South Florida.”
This collaboration follows another recent joint venture announcement between BBX Logistics Properties and FRP Development Corp for The Park at Lakeland, a project in Lakeland, Florida, expected to feature approximately 213,500 square feet of logistics space on 22.5 acres. Both initiatives underscore the companies’ dedication to enhancing logistics infrastructure across key locations in Florida.
