North America-based FBO network Modern Aviation 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 113,000sq ft of structures, including 53,273sq ft of hangar space, 52,406sq ft of office space and 7,320sq ft of garage space. The acquisition also includes ground subleases on 280,526sq ft of land underlying the properties and parking and other areas.

The hangar complexes are located directly across Interport Boulevard from Modern's main FBO campus at the airport. Both hangars are currently fully occupied but there is approximately 15,000sq ft of Class A office space currently available for long-term rental.

Modern CEO Mark Carmen says: “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 here since our original FBO acquisition in November 2018. In November 2021, we closed the acquisition of certain leasehold improvements from The SunBorne Companies, including a 62,000sq ft, three storey office building at 8001 InterPort Boulevard that houses several tenants as well as the Signature Flight Support South FBO terminal, and a 38,000sq ft 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 us to operate the entire south side of Centennial airport under our FBO operation and give Modern the largest FBO footprint at Centennial airport.

“In early 2023, we passed an important milestone in our growth plan at Centennial airport when we completed our expansion project, which added 52,000sq ft of hangar space, 4,000sq ft of attached office space, a 7,000sq ft new FBO terminal and 135,000sq ft of new ramp. This most recently announced acquisition will enable us 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.”

Chris Hamler, Floors and Doors, says: “We made the decision to develop these facilities 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 the airport.”

Modern expects the acquisition to close in the next few months.