Daily Record Financial News &
Tuesday, May 15, 2018
Vol. 105, No. 127 • One Section
Shareholders agree to deal that transforms FRP Holdings Company agrees to $358.9 million warehouse sale, leaving it “a very different company.”
SEG’s reorg plan confirmed by judge
By Mark Basch Contributing Writer
At FRP Holdings Inc.’s annual shareholders meeting Monday, stockholders approved a deal that will transform the Jacksonvillebased real estate developer. “It’s a very different company than you saw two years ago when you came to the annual meeting,” CEO John Baker said at The River Club Downtown. Shareholders approved a deal Monday that was announced in March to sell FRP’s portfolio of 41 industrial warehouses, mainly in the Baltimore-Washington, D.C., area, to an affiliate of Blackstone Real Estate Partners for $358.9 million. When the deal closes next week, FRP’s remaining assets will include a mixed-use development project in Washington, D.C., called RiverFront on the Anacostia, three office buildings and 14 quarry sites leased for mining construction materials. The company expects net proceeds of about $250 million from the Blackstone deal, FRP President David deVilliers said. FRP is looking at options for spending that cash, which will be its largest asset after the sale and could determine the company’s future direction. “Obviously, $250 million is a lot of money,” deVilliers said. The company is looking at continued on
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Winn-Dixie parent expects to emerge from Chapter 11 “in the coming weeks.”
By Mark Basch Contributing Writer
FRP Holdings
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Photo by Karen Brune Mathis
CEO John Baker says Jacksonville-based FRP Holdings Inc. underwent “a pretty dramatic transformation” the past two years.
A U.S. Bankruptcy judge in Delaware on Monday confirmed Southeastern Grocers LLC’s prepackaged Chapter 11 reorganization plan. Jacksonville-based Southeastern, parent of Winn-Dixie and three other supermarket chains, expects to emerge from Chapter 11 “in the coming weeks,” the company said in a news release. Southeastern filed its plan with the U.S. Bankruptcy Court for the District of Delaware on March 27. With most of its creditors approving the plan in advance, the company was able to move quickly through the court process. U.S. Bankruptcy Judge Mary Walrath confirmed the plan after a hearing in her Wilmington courtroom Monday morning. Southeastern said it will operate more than 575 stores under the Winn-Dixie, Bi-Lo, Fresco y Más and Harveys banners as it emerges. The company operated 704 stores when it filed its Chapter 11 petitions and said at the time it planned to close 94 stores and sell others, leaving it with about 580. The confirmation order does not give details about additional store closings or sales. The order also doesn’t specify who will own the company when it emerges. Southeastern’s reorganization plan calls for holders of unsecured notes to end up with Southeastern
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Final designs for Hotel Indigo, parking garage face DDRB HOTEL INDIGO Eugene Profit seeks final design approval to redevelop 100 W. Bay St. into an 89room hotel with a rooftop restaurant and bar.
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Conceptual design for Jones Brothers Furniture Co. Building also to undergo review.
approval; and the initial conceptual designs for redevelopment of the vacant Jones Brothers Furniture Co. Building at Church and Hogan streets. The DDRB is scheduled to meet at 2 p.m. Thursday at City Hall.
By David Cawton Staff Writer
HOTEL INDIGO
The Downtown Development Review Board on Thursday will consider conceptual and final construction designs for three Downtown projects. Those are a redevelopment of the former Life of the South Building at 100 W. Bay St. into Hotel Indigo; a six-story parking garage with ground floor retail to service the Laura Street Trio and Barnett Bank Building projects seeks final design
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Developer Eugene Profit seeks final design approval for the 100 W. Bay St. redevelopment project that will add 89 hotel rooms to the urban core. The 55-year-old, 79,000-square-foot, sevenstory building at Bay and Laura streets will include a Hotel Indigo and ground-floor retail space. The ground floor will feature a 92-seat restau-
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consecutive business days