Aeroterm announces an agreement with Miami-Dade County for the expansion of its air cargo facility at Miami International Airport (MIA) where Aeroterm holds a ground lease and subsequently leases the facility to FedEx Express.
The agreement to extend the Aeroterm ground lease and expand the facility was approved by the County Commission on 19 March.
The existing Aeroterm FedEx facility at MIA was completed in 2004 with a 25-year lease with the county on 9.5 hectares. Through this agreement, Aeroterm will extend the ground lease to 2050 and expand its leased premises by approximately 2.4 hectares of additional land on which it will construct the building expansion.
“As a world leader in air cargo, FedEx is a key customer in our portfolio expansion,” says Alexi Lachambre, VP of Development for Aeroterm. “We look forward to delivering this facility in record time to accommodate the growing business needs of FedEx.”
MIA was the fourth busiest US airport for total cargo freight in 2017, and the busiest for international freight, according to research by the Miami-Dade Aviation Department. In 2018, the weight of cargo shipped from MIA increased by 2.8 per cent. FedEx is one of the largest cargo carriers at MIA.
“Miami is a top gateway airport and key entry point for perishables and other high-value goods from South America,” adds Lachambre. “We look forward to continuing our long-standing relationship with FedEx and the airport to support local job growth and improve airport operations.”
In addition to its endeavors at Miami International Airport, Aeroterm is currently working on air cargo developments at John F. Kennedy International Airport (JFK), Cincinnati/Northern Kentucky International Airport (CVG), and the latest phase of an air cargo development at Chicago’s O’Hare International Airport (ORD).
Aeroterm is one the three main divisions of real estate operator Realterm, a company that capitalises on supply and demand of global supply chain assets.