FRPH FRP Holdings Inc

Patriot Transportation Holding, Inc. Announces Closing on Purchase of Two Warehouse/Distribution Buildings in Delaware; And Maryland Build to Suit Award JACKSONVILLE, Fla., April 20 /PRNewswire-FirstCall/ -- Patriot Transportation Holding, Inc. today announced that its subsidiary Florida Rock Properties, Inc., purchased two existing commercial warehouse/distribution buildings totaling 303,000 square feet and an adjacent 8.75 acre building lot located in Newark, Delaware for $11,350,000. One of the buildings is fully leased and the other is available for lease. The adjacent lot will be held for future development. Funds for the purchase were derived from the previously announced sale of a 6,321 acre tract of land near Lake City, Florida. Commenting on the transaction, David H. deVilliers, President of the Company's real estate group stated: "We are pleased with the growth and direction of this part of our business. The redeployment of funds from the sale of our land in Florida increases our warehouse/office building portfolio to over 2,000,000 square feet while providing an opportunity to expand into a new market area." The Company also announced that the Maryland Chapter of the National Association of Industrial and Office Properties (NAIOP) recently recognized the Company's subsidiary, FRP Development Corp., as the recipient of the NAIOP award for the "Best Build to Suit in the Industrial Category" for 2003. The award-winning project, a 201,322 square foot office/warehouse located in the Hillside Business Park, was completed in September 2003 and leased to Corporate Express Office Products, Inc. Corporate Express is a global leader in business to business office products and computer supplies and intends to utilize this facility as their Mid-Atlantic Division Headquarters. Patriot Transportation Holding, Inc. is engaged in the transportation and real estate businesses. The Company's transportation business is conducted through two wholly owned subsidiaries. Florida Rock & Tank Lines, Inc. is a Southeastern transportation company concentrating in the hauling by motor carrier of petroleum products and other liquid and dry bulk commodities. SunBelt Transport, Inc. serves the flatbed portion of the trucking industry in the Southeast, Midwest and Mid-Atlantic States, hauling primarily construction materials. The Company's real estate group, comprised of FRP Development Corp. and Florida Rock Properties, Inc., acquires, constructs, leases, operates and manages land and buildings to generate both current cash flows and long-term capital appreciation. The real estate group also owns real estate which is leased under mining royalty agreements or held for investment. DATASOURCE: Patriot Transportation Holding, Inc. CONTACT: John E. Anderson, Chief Executive Officer of Patriot Transportation Holding, Inc., +1-904-396-5733 ext. 3215

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