1.3-Mil-SF National Air Cargo Portfolio Sold

HOUSTON-New York-based MLR Management Inc. has sold its 1.3-million-sf national air cargo pass-through portfolio to Cargo Acquisition Co., an entity of Aeroterm. Aeroterm, an Annapolis, MD-based member of the Realterm family, buys, develops, leases, rehabilitates, and sells transfer point facilities throughout North America.

The company owns 20 buildings in 10 cities with more than 200 aviation tenants. The national portfolio consisted of properties in Houston, Dallas, Pensacola, Philadelphia and New Orleans. Michael Caprile, senior vice president in the Chicago office of CB Richard Ellis Inc., was team leader on the portfolio sale. Locally, Glynn Mireles, vice president at the Houston office of CB Richard Ellis, represented the two Houston properties in the portfolio. CB Richard Ellis represented the sellers in this deal.

Mireles tells GlobeSt.com that the two Houston properties make up the bulk of the portfolio. Aggregating approximately 758,000 sf, the Houston properties make up more than 58% of MLR’s air cargo space. Houston Intercontinental Central Air Cargo Area is a 412,854-sf air cargo center on the actual premises of Bush Intercontinental Airport. The other property, Greensmor Air Park, is a 345,106-sf facility at 2700 Greens Rd.

Mireles and Caprile are bound by a confidentiality agreement not to reveal either the asking or selling price on the properties. Mireles says the deal achieves the desired intent of the seller to dispose of the portfolio in one piece as opposed to selling each property separately.

Mireles specializes in aviation and industrial properties and is a logistics expert. He notes that cargo volumes are coming back to their pre-Sept. 11 numbers. “Even with the economy slowing, air cargo is still moving,” he says.