MIAMI—The developer of the AVE Aviation and CommerceCenter here has secured more than $20 million in financingfor the construction of two Class A industrial buildings at thecomplex, one of which will be the new home for aircraft enginerepair company Turbopower.

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The financing is being provided by BB&T and was originatedby the Miami office of Grandbridge Real EstateCapital. The funding will finance the development oftwo new buildings with approximately $9 million being allocated toconstruct Building “EF” and about $11.25 million for theconstruction of Building “J,” according to CPF InvestmentGroup, the developer of the master-planned, mixed-usebusiness park located at the western edge of Opa-Locka ExecutiveAirport. Grandbridge Real Estate Capital Senior Vice PresidentPhil Carroll originated the transactions.

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Building pad construction for the two buildings has alreadybegun. The 171,000--square-foot Building “J” will be the futurehome of Miami Lakes-based Turbopower, which signed a 15-year leaseagreement valued at $20 million.

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“Supply for Class A warehouse and distribution space is verylimited east of the Palmetto Expressway (State Road 826),” saysErnesto Cambo, principal of CPF. “Our uniquelocation coupled with access to the airfield is a formula for aworld-class business park.”

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“BB&T saw the benefits of AVE Aviation and Commerce Center,and Mr. Cambo's ability to construct and lease up Class Aindustrial buildings in even the most challenging of economictimes,” sayx Carlos A. Moore, senior vicepresident with BB&T. “Buildings EF and J are a continuation ofan established lending relationship with Mr. Cambo.”

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Building “J” will be located at 5499 N.W. 145th St. in Miami andwill feature three doors per bay, a depth of 42 feet by 230 feetand a 24-foot clearance. Building “EF,” located at 14501 NW 57thAve., will be 145,000 square feet and feature three dock-heightbays, 24-foot warehouse ceiling heights, ESFR SprinklerSystems, a 200-foot shared truck court, a 50-foot concrete apron, a1.9-to-1,000 parking ratio, and roving security. Additionally, anew RaceTrac gas station recently opened at the entrance of thebusiness park.

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Among the tenants at AVE Aviation and Commerce Center include:the U.S. Postal Service, which occupies a 500,000-square-foot mailsorting facility; Off Lease Only; ArjoHuntleigh; Goodyear; BanyanAir Service; and SunTrade Imports.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.