BBX Capital JV acquires 11.3 acres for Davie logistics park; IT'SUGAR credit line raised to $7M

BBX Capital, Inc.

JV with FRP Development Corp bought 11.3 acres in Davie, FL; plans 182,000 sq ft logistics center (two buildings).
BBX Capital Real Estate invested additional $11.9M in JV, increasing stake from $0.9M to $12.8M; 50% interest currently.
Upon debt financing and vertical construction, BBX Real Estate's stake will drop to 20%; FRP will hold 80%.
Construction expected to begin Q4 2024 with completion in 2025; site near FLL airport, Port Everglades, highways.
IT'SUGAR credit facility amended: line increased from $5M to $7M, maturity extended to June 20, 2025, interest at Prime - 1.50% (floor 0%).

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