What FRP Development does

FRP Development Corp is a full-service real estate investment and development firm organized under four operating segments: Industrial/Commercial, Multi-Family, Development, and Mining/Royalty. The company develops, owns, and manages approximately 7.5 million square feet of industrial and commercial property with a 5 million+ square foot development pipeline, alongside a 16,500-acre land portfolio leased to major aggregate producers (Vulcan Materials, Martin Marietta, Cemex) with reserves exceeding 500 million tons. Core operating activity centers on speculative and value-add warehouse construction (notably concrete tilt-wall facilities along the Eastern Seaboard), ground-up multifamily projects executed through joint venture partnerships (MRP Realty, Woodfield Development, St. John Properties), and entitlement of raw land for industrial and residential use.

The firm generates revenue through four primary mechanisms: rental income and property management fees from owned industrial and commercial assets; gains on sale of developed and stabilized properties (including the 2018 $358M portfolio sale to Blackstone Real Estate Partners); mining rents and royalties tied to tonnage of aggregate extracted by tenant operators; and co-development economics from joint venture multifamily and mixed-use projects. FRP Development Corp and Florida Rock Properties, Inc. operate as wholly-owned subsidiaries of FRP Holdings, Inc. (NASDAQ: FRPH), a Florida-incorporated holding company. The business is run from three offices — Sparks, MD (headquarters), Miami, FL, and Malvern, PA — with the customer base split between enterprise industrial tenants, multifamily residents, and three named aggregate-company lessees that anchor the royalty stream.

In October 2025 FRP expanded its industrial platform through the $33.5 million acquisition of Altman Logistics Properties, adding Florida and New Jersey assets and bringing in Mark G. Levy as Chief Investment Officer. This followed a 2024 leadership transition in which John D. Baker III became CEO and Matthew C. McNulty became CFO, signaling a deliberate generational handoff from the long-tenured founder David H. deVilliers Jr. (now Senior Advisor). The company has been in operation since 1989 and combines the asset base and public-company governance of a NASDAQ-listed parent with the operating posture of a focused, nimble private developer.

Name

FRP Development

Legal name

FRP Development Corp

Website

https://frpdev.com

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

1–10 employees

Short description

FRP Development Corp is a full-service real estate investment and development firm operating four segments (industrial/commercial, multi-family, land development, and mining royalties) across the Eastern Seaboard, serving enterprise industrial tenants, multifamily residents, and major U.S. aggregate producers.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Management of Companies and Enterprises (55111), Architectural, Engineering, and Related Services (5413)

SIC

General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Commercial General Contracting (New Build) (IMAFAAAA)

Keywords

• Commercial real estate development
• Industrial warehouse construction
• Multi-family residential development
• Land development services
• Mining royalty income

Headquarters

HQ city

Sparks Glencoe

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Industrial/Commercial Property Development: Development and management of industrial warehouse and commercial properties, generating revenue through leasing and property management services. Focuses on value-add acquisitions and speculative warehouse construction.
2. Multi-Family Development: Ground-up multi-family residential projects in strategic locations, often through joint venture partnerships.
3. Mining/Royalty Income: FRP owns over 16,500 acres leased to major aggregate companies (Vulcan Materials, Martin Marietta, Cemex) for mining rents and royalties with reserves totaling over 500M tons of aggregates.
4. Land Development: Purchase of raw land for development pipeline, delivering finished land parcels for industrial/commercial or residential use.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

FRP Development Corp is a full-service real estate investment and development company operating four business segments: Industrial/Commercial (warehouse construction, leasing, and property management), Multi-Family (ground-up residential developments through joint ventures), Development (land entitlement and project management), and Mining/Royalty (16,500+ acres leased to aggregate mining companies with 500M+ tons of reserves). The company develops, owns, and manages properties along the U.S. Eastern Seaboard, generating revenue through leasing, property sales, royalties, and joint venture partnerships.

Product overview

FRP Development Corp operates as a full-service real estate investment and development company with four distinct business segments: Industrial/Commercial (warehouse construction and property management), Multi Family (residential development through joint ventures), Development (land development and project management), and Mining/Royalty (land ownership leased for aggregate mining). The company's portfolio includes industrial properties such as Hollander Business Park and Cranberry Run Business Park, mixed-use developments including Bryant Street and Verge in Washington DC, multifamily properties like Riverside, Dock 79, and Maren, and land development projects across the Eastern Seaboard. The company is wholly-owned by FRP Holdings, Inc. (NASDAQ: FRPH) and has been operating since 1989.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial/Commercial Real Estate Development Value-add acquisitions and speculative warehouse construction delivering leasing and property management services for industrial and commercial properties, primarily targeting warehouse, logistics, and industrial tenants along the Eastern Seaboard.
• Multi-Family Residential Development Ground-up multifamily projects strategically located in areas of population growth, deployed through strategic partnerships with third-party operators in Washington DC, Greenville SC, and other growth markets.
• Land Development Services Hands-on management of all aspects of development projects from concept to completion, including warehouse construction, land development, and multifamily investments across the Eastern Seaboard.
• Mining/Royalty Land Leasing Ownership of over 16,500 acres leased to major aggregate companies (Vulcan Materials, Martin Marietta, Cemex) with reserves totaling over 500M tons, generating mining rents and royalties in Florida, Georgia, and Virginia.
• Hollander Business Park A 50-acre planned industrial park in Baltimore, MD, consisting of approximately 525,000 sq. ft. of Class A warehouse space with state-of-the-art concrete tilt wall construction.
• Bryant Street A major transit-oriented development in Washington, DC with 487 apartment units and 91,661 sq ft of ground floor retail on a 5.5-acre site.
• Verge Joint venture with MRP Realty at 1800 Half Street SW, Washington DC with 344 residential units and 8,536 sq ft of retail.
• Dock 79 First phase of four-phase waterfront redevelopment in Washington, DC with 305 residential units and 14,400 sq ft of retail.

Named customers3 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core and secondary.

• MRP RealtycoreStrategic or Co-development PartnerJoint venture partner on multiple multi-family developments in Washington DC including Verge (1800 Half Street), Bryant Street, Maren, and Dock 79. MRP Realty is a prominent real estate developer focused on the Mid-Atlantic region.
• Woodfield DevelopmentcoreStrategic or Co-development PartnerOperating partner on multi-family developments including Riverside in Greenville, SC (200 units) and .408 Jackson in Greenville, SC (227 units). Woodfield Development serves as development and operating partner.
• Goldstone PropertiescoreStrategic or Co-development PartnerDevelopment manager for Amber Ridge project in Prince George's County, MD. Goldstone Properties serves as the development manager for this 19-acre, 187-unit residential project.
• Steuart Investment CompanysecondaryStrategic or Co-development PartnerPartner on waterfront residential developments Maren and Dock 79 in Washington DC. Steuart Investment Company is a real estate investment firm.
• St. John PropertiescoreStrategic or Co-development PartnerPartner on Windlass Run development in Middle River, MD. St. John Properties is developing and operating this office and retail development in partnership with FRP.
• Vulcan MaterialscoreOthersMajor aggregate company tenant leasing FRP-owned land in Florida, Georgia, and Virginia for mining operations. One of three major tenants on FRP's 16,500+ acre mining royalty land portfolio.
• Martin MariettacoreOthersMajor aggregate company tenant on FRP's mining royalty land portfolio. One of three major tenants generating rental and royalty income on over 16,500 acres.
• CemexcoreOthersMajor aggregate company tenant on FRP's mining royalty land portfolio. One of three major tenants generating rental and royalty income on over 16,500 acres.
• Altman Logistics PropertiescoreStrategic or Co-development PartnerAcquired in October 2025 for $33.5 million. Founded and led by Mark G. Levy, who joined FRP as Chief Investment Officer. The acquisition expanded FRP's industrial development platform on the East Coast with high-quality industrial assets and land in Florida and New Jersey.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FRP Development