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Mon, Apr 15, 2019

Aeroterm Announces New Air Cargo Expansion At KMIA

Tenant Is World's Largest Express Transportation Company, FedEx Express

 Aeroterm has announced an agreement with Miami-Dade County for the expansion of its air cargo facility at Miami International Airport (KMIA). Aeroterm holds a ground lease at MIA and leases the facility to FedEx Express. The agreement to extend the Aeroterm ground lease and expand the facility was approved by the County Commission on March 19th.

 
 The existing Aeroterm FedEx facility at KMIA was completed in 2004 with a 25-year lease with the county on 23.4 acres. Through this agreement, Aeroterm will extend the ground lease to 2050 and expand its leased premises by approximately 6 acres of additional land on which it will construct the building expansion.

"As a world leader in air cargo, FedEx is a key customer in our portfolio expansion," said Alexi Lachambre, vice president of Development for Aeroterm. "We look forward to delivering this facility in record time to accommodate the growing business needs of FedEx."

KMIA was the fourth busiest U.S. airport for total cargo freight in 2017, and the busiest for international freight, according to research by the Miami-Dade Aviation Department. In 2018, the weight of cargo shipped from KMIA increased by 2.8 percent. FedEx is one of the largest cargo carriers at MIA, and the world's largest express transportation company.

"Miami is a top gateway airport and key entry point for perishables and other high-value goods from South America," said Lachambre. "We look forward to continuing our long-standing relationship with FedEx and the Airport to support local job growth and improve airport operations."

In addition to its endeavors at Miami International Airport, Aeroterm is currently working on air cargo developments at John F. Kennedy International Airport, Cincinnati/Northern Kentucky International Airport, and the latest phase of an air cargo development at Chicago's O'Hare International Airport.

(Source: Aeroterm news release. Image from file)

FMI: www.realterm.com/investment-strategy/aeroterm

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