Financing Paves Way for Two New Industrial Buildings

MIAMI—The developer of the AVE Aviation and Commerce Center here has secured more than $20 million in financing for the construction of two Class A industrial buildings at the complex, one of which will be the new home for aircraft engine repair company Turbopower.

The financing is being provided by BB&T and was originated by the Miami office of Grandbridge Real Estate Capital. The funding will finance the development of two new buildings with approximately $9 million being allocated to construct Building “EF” and about $11.25 million for the construction of Building “J,” according to CPF Investment Group, the developer of the master-planned, mixed-use business park located at the western edge of Opa-Locka Executive Airport. Grandbridge Real Estate Capital Senior Vice President Phil Carroll originated the transactions.

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

“Supply for Class A warehouse and distribution space is very limited east of the Palmetto Expressway (State Road 826),” says Ernesto Cambo, principal of CPF. “Our unique location coupled with access to the airfield is a formula for a world-class business park.”

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

Building “J” will be located at 5499 N.W. 145th St. in Miami and will feature three doors per bay, a depth of 42 feet by 230 feet and a 24-foot clearance. Building “EF,” located at 14501 NW 57th Ave., will be 145,000 square feet and feature three dock-height bays, 24-foot warehouse ceiling heights,  ESFR Sprinkler Systems, a 200-foot shared truck court, a 50-foot concrete apron, a 1.9-to-1,000 parking ratio, and roving security. Additionally, a new RaceTrac gas station recently opened at the entrance of the business park.

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