Aeroterm’s $150M funding to support new cargo facilities

[caption id="attachment_76581" align="alignright" width="450"] Chicago O'Hare Airport's (ORD) Northeast cargo facility, developed by Aeroterm. Photo/Aeroterm[/caption] Supply chain real estate developer and operator Realterm announced the successful closing of $150 million in capital commitments through its Realterm Airport Logistics Properties fund today. The fund supports Aeroterm, Realterm’s wholly-owned airport development subsidiary, for about $300 million in North American airport development projects. In an exclusive interview with Air Cargo World , David Rose, Aeroterm’s managing director and senior fund manager, said the funding will support projects that include a 40,000 square-foot cargo facility in Sacramento, Calif.; the redevelopment of a 280,000 square-foot, including expansion, Aeroterm building in Miami; development of a 350,000 square-foot facility at New York’s JFK airport; and a 130,000 square-foot cargo facility in Chicago, among other projects in North America. Aeroterm expects to deliver the Sacramento facility around the middle of this year and to complete the redevelopment of the Miami facility by the end of the year. The developer also aims to begin work on the JFK facility around midyear and to break ground on its Chicago facility during the second half of 2020. Major air cargo tenants at Aeroterm facilities include FedEx, DHL, Swissport, Centurion Cargo, Worldwide Flight Services and others. The company develops and leases out single- and multi-tenant facilities in and around airports, and takes a viewpoint to developing “special-use facilities, but not special-user facilities,” according to Rose. “We always develop with the future in mind, so I would say that whether it's single- or multi-tenant, we develop for the longterm because we understand that single-tenant building may become multi-tenant or vice versa,” Rose said. "Our buildings need to adapt to the changing demands within the market.” Airport development with an eye toward the future is particularly important as North American airports are increasingly constrained in their geographic development opportunities. When those opportunities are available, passenger development is often given preference. “Most of our tenants are at capacity, so we need to find a way to develop and redevelop properties to make them twice as efficient,” Rose explained. “Our focus, whether it’s a redevelopment or a new ground-up development, is on the future and the sustainability side, but also the security, technology and efficiency side.” Green technology and sustainability are issues of growing concern, not only at airports but for real estate developers in general, Rose said. Aeroterm works with its airport and tenant partners to apply green technology to all its facilities in a mandate “driven by our own internal corporate governance as well as all partners or investors — airports, tenants and the community stakeholders as well,” Rose said. “I believe that smart cargo buildings that interface with the airport and the logistics companies operating in our buildings really will drive the future of air cargo and support facility developments across the airports,” Rose added. “They have to, and we’re already seeing certain mandates at airports, both on the building side and on the equipment side.”

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