Sun, Jul 07, 2024
Acquisition Expands Footprint at Top-Tier General Aviation Airport
Modern Aviation, a New York city-based growth-oriented FBO network, has signed a Purchase Agreement to buy two hangars from Floors and Doors at Centennial Airport (KAPA) in Englewood, Colorado. Together, the hangar and office structures include 113,000 square feet of structures with 53,273 sf of hangar space, 52,406 sf of offices, and 7,320 sf of parking. It also includes ground subleases of the 280,526 sf of land underlying the properties.
Modern completed the expansion of its existing FBO by adding a new hangar and terminal building in March 2023. The properties under this agreement are located directly across InterPort Blvd from Modern’s current facility. In 2021 Modern closed the acquisition of its neighboring structures on InterPort Blvd from The Sunborne Companies at Centennial Airport, holder of the master ground lease covering Centennial InterPort, the 125-acre planned development on which Modern and other tenants sit. When the acquisition closes in the anticipated coming months, Modern’s hangar footprint will total nearly 180,000 sf while its office footprint will total about 130,000 sf.
Floors and Doors is the first opportunity taken by its principals to springboard from successful entrepreneurs into strategic capital investment. One of the principals, Chris Hamler explained, “We made the decision to develop these facilities at Centennial Airport because we wanted to give back to an airport and community that had been so great to us for so many years. Early in the process it was obvious that Modern Aviation shares this same vision to expand and continue to invest in this base. We are excited about this transaction and the long-term impact it will have at Centennial Airport.”
Mark Carmen, CEO of Modern said, “We are very excited about acquiring these properties and expanding our footprint at Centennial Airport, which is a top seven general aviation airport (based on general aviation aircraft operations) that is expected to continue to grow well into the future.”
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