Modern Aviation Signs Purchase Agreement to Acquire Two Hangars from Floors and Doors at Centennial Airport (KAPA)
July 01 2024 - 7:00AM
Modern Aviation today announced it has signed a definitive purchase
agreement to acquire certain leasehold improvements encompassing
two large hangar and office structures, Hangar 9 at 8156 Interport
Boulevard and Hangar 10 at 8208 Interport Boulevard, at Centennial
Airport from Floors and Doors. The properties include approximately
113,000 square feet of structures, including 53,273 square feet of
hangar space, 52,406 square feet of office space and 7,320 square
feet of garage space. The acquisition also includes ground
subleases on 280,526 square feet of land underlying the properties
mentioned above and parking and other areas.
The hangar complexes are located directly across
Interport Boulevard from Modern Aviation’s main FBO campus at
Centennial Airport. Both hangars are currently fully occupied but
there is approximately 15,000 square feet of Class A office space
currently available for long-term rental.
Modern’s CEO Mark Carmen, stated, “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. We’ve
been seeking opportunities to grow our operation at Centennial
Airport since our original FBO acquisition there in November 2018.
In November 2021, Modern closed the acquisition of certain
leasehold improvements from The SunBorne Companies at Centennial
Airport. The leasehold improvements included a 62,000 square foot,
three story office building at 8001 Interport Boulevard, which
houses several tenants as well as the Signature Flight Support
South FBO Terminal at Centennial Airport, and a 38,000 square foot
hangar complex at 8123 Interport Boulevard, primarily leased by
Signature for its South FBO operation. As part of that acquisition,
Modern Aviation will take over the Signature Flight Support South
FBO at the expiration or earlier termination of its current
operating agreement. This will enable Modern Aviation to operate
the entire south side of Centennial Airport under Modern Aviation’s
FBO operation and give Modern the largest FBO footprint at
Centennial airport.”
Carmen continued, “In early 2023, we passed an
important milestone in our growth plan at Centennial Airport when
we completed our expansion project which added 52,000 square feet
of hangar space, 4,000 square feet of attached office space, a
7,000 square foot new FBO terminal and 135,000 square feet of new
ramp. This most recently announced acquisition will enable Modern
Aviation to leverage our outstanding reputation at Centennial for
customer service and safety as illustrated by our consistent
ranking as the best FBO at Centennial Airport and a top 10% FBO
nationally by the Aviation International News Annual FBO
Survey.”
Chris Hamler, Floors and Doors, said “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.”
Modern expects the acquisition to close in the
next few months. Once closed, this acquisition will bring Modern’s
total hangar footprint at Centennial Airport to approximately
179,000 square feet and its total office footprint to approximately
129,000 square feet.
About Modern Aviation
Modern Aviation is a growing company that is
building a national network of premium FBO properties. Modern
Aviation’s strategy is to acquire and develop FBO operations in
growth markets and to focus on providing exceptional service,
extraordinary quality and industry-leading safety. Modern Aviation
is actively engaged in pursuing additional FBO acquisitions and
development opportunities in North America and the Caribbean. For
more information visit
https://modern-aviation.com.
About Floors and Doors
Floors and Doors is the first strategic capital
investment project for the principals of Parlayo, LLC. This project
provided a platform for the pair to translate their experience as
successful entrepreneurs into successful investors through diligent
and perceptive decision making. Parlayo will continue to leverage
their unique expertise to make impactful investments that benefit
not only their partners, but the community at large.
Contact: Modern
Aviation, Emmanuel Yapo,
eyapo@modern-aviation.comFloors and Doors,
Chris Hamler, chamler@parlayo.com
A photo accompanying this announcement is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/f2b0cd9c-8f5c-4ebf-b16d-f23d86fd82ea