Modern Aviation Acquires Property and Future FBO Operating Rights at Centennial Airport from SunBorne

Modern Aviation announced it has closed the acquisition of certain leasehold improvements from The SunBorne Companies at Centennial Airport. The leasehold improvements include a 62,000 square foot, three story office building at 8001 InterPort Boulevard, which houses several tenants as well as the Signature Flight Support FBO Terminal at Centennial Airport, and a 38,000-square-foot hangar complex at 8123 InterPort Boulevard, primarily leased by Signature for its FBO operation. The acquisition also includes a ground sublease on 318,652 square feet of land underlying the properties mentioned above and parking and other areas.

Also, as part of the acquisition, Modern Aviation will take over the FBO currently operated by Signature Flight Support at the expiration or earlier termination of its current operating agreement. This would enable Modern Aviation to consolidate the entire south side of Centennial Airport under Modern Aviation's FBO operation and give Modern the largest FBO footprint at Centennial airport.

Modern's CEO Mark Carmen, stated, "We are very excited about acquiring these properties. Centennial Airport is a top three general aviation airport (based on general aviation aircraft operations) that is expecting to continue to grow well into the future. This transaction enables Modern to increase its footprint in the near term, adding significant rental income to its current operations.  But we are most excited about the longer-term opportunity to expand our FBO operation by consolidating the two current FBOs at Centennial InterPort, SunBorne's 100+ acre aviation development at Centennial Airport."

Carmen added, "We've been seeking opportunities to grow our operation at Centennial Airport since our original FBO acquisition there in November 2018. In September, we passed an important milestone in our growth plan when we broke ground on our expansion project to add 52,000 square feet of hangar space, 4,000 square feet of attached office space, a 7,000-square-foot new FBO terminal and 135,000 square feet of new ramp. This will enable Modern Aviation to leverage our outstanding reputation at Centennial for customer service and safety as illustrated by our consistent ranking as the best FBO in Denver and a top 10% FBO nationally by the Aviation International News Annual FBO Survey."

Bret Packard, Sunborne's manager, said, "SunBorne is excited to be a part of Modern Aviation's investment and expansion at Centennial InterPort. It became clear while we were working with the principals of Modern that we shared a similar vision and enthusiasm for this base. We look forward to an exciting future."