Category Archives: News & Updates

AFCO Completes Joint Venture Deal with AMB Property Corporation at Washington Dulles International Airport

AFCO completed a transaction with AMB Property Corporation (AMB) in which AMB will own a 95% interest in Cargo Building 5 at Washington Dulles International Airport.  The purchase price was $42,000,000. AFCO will retain a 5% interest and will manage and lease the property.  AMB, one of the largest real estate investment trusts in the United States, owns and operates over 1,000 properties totaling almost 95 million square feet of space in 26 metropolitan North American markets.  Frank Chambers, AFCO President and CEO, says, “The sale of a 95% interest in Cargo Building 5 to AMB provided an excellent opportunity for our private investors.  AFCO looks forward to expanding our relationship with AMB, and expects to do more business with AMB in the future.”Cargo Building 5, built in 1992, was the first new airport facility development completed by Frank Chambers, then a Vice President of WEST*GROUP.  The project now includes 287,000 square feet of warehouse and office space and 582,000...

AFCO Celebrates 10-Year Anniversary

In May 2002 AFCO passed the 10-year milestone in becoming the leading air cargo facility development and management company in the United States.  In 10 years AFCO has developed air cargo facilities at 7 airports and acquired 33 facilities.  AFCO has earned a reputation for its expertise and success in all areas of airport facility development, including design and construction, finance, marketing and management.  Today AFCO operates over 6 million square feet of on-airport warehouse and apron space and has financed over $282,000,000.

On April 19th, 2002 AFCO celebrated this achievement with many of its business contacts over the past 10 years at a party held at the McLean, Hilton near the AFCO headquarters in Virginia.

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AFCO Purchases Two Cargo Facilities at Orlando International Airport

AFCO purchased two cargo buildings in the Orlando International Airport Business Center, Florida. The 5-year old multi-tenant warehouse distribution facilities, totaling 49,000 square feet, were purchased from Mantovani Investments in February 2002. In 1998 AFCO constructed a 50,000 square-foot cargo facility at Jacksonville International Airport. This recent acquisition increases AFCO’s presence to two locations in Florida. Existing tenants include GTE Airfone, Pratt & Whitney, SAI Aviation Ground Service and Seko Worldwide. In addition to the existing cargo buildings, land is available for multiple building development....

AFCO To Renovate and Develop Cargo Facilities at Louisville International Airport

AFCO was selected by the Regional Airport Authority of Louisville and Jefferson County, Kentucky to renovate an existing 55,000 square-foot cargo facility and develop a new 65,000 square-foot cross-dock facility at Louisville International Airport. Separate 20-year ground leases for the renovation and development projects were negotiated with the Airport Authority. Renovation of the existing facility is expected to begin in the Fall of 2001. Existing tenants include: Delta Airlines, Murphy Surf-Air Trucking Company, Southwest Airlines, and the United States Postal Service....

AFCO Completes Construction of Cargo Building G, Baltimore-Washington International Airport

AFCO has completed the construction of Cargo Building G at the new Midfield Cargo Complex (MCC), Baltimore-Washington International Airport (BWI), and the facility is ready for immediate occupancy. Building G is a 60,000 s.f. facility with 115,000 s.f. of aircraft apron. In January 1999 AFCO was selected by the Maryland Aviation Administration (MAA) to purchase and operate existing Cargo Buildings B, C & F in the North Cargo Complex (NCC) at BWI and given the rights to develop, own and operate the MCC. AFCO has managed Cargo Building E at BWI since 1995 and just recently finalized negotiations on a leasehold for Cargo Building A. Additional phases of the Midfield Cargo Complex project will expand the warehouse space to 358,000 square feet and the apron to over 800,000 square feet....

AFCO Begins Construction of New Cargo Facility at Pittsburgh International Airport

AFCO has begun construction of a 50,000 square-foot speculative cargo facility that is being developed in the new Airside Business Park at Pittsburgh International Airport, Pittsburgh, Pennsylvania. On December 11, 2000 AFCO  held a groundbreaking ceremony along with Allegheny County Chief Executive Jim Roddy, local Pittsburgh officials and airport representatives.This $5 million facility is the first of a four-phase project that will total 290,000 square feet. Completion of the first facility is expected in 2002. AFCO also operates three other cargo facilities, which are almost completely filled, at Pittsburgh International Airport on long-term leases that AFCO obtained in 1999....

AFCO Transfers Private Investor Interest in 20 Facilities to AMB Property Corporation

On November 7th 2000 AFCO concluded negotiations with AMB Property Corporation of San Francisco, California in which AFCO private investors transferred a 95% interest in 20 on-apron air cargo facilities at 8 U.S. airports for $95 million. The facilities represent approximately half of AFCO’s portfolio. AFCO will retain a 5% equity interest in the facilities and continue the day-to-day property management and leasing. The transaction included 896,721 square feet of facilities at Baltimore-Washington, Dallas/Ft. Worth, Jacksonville, Dayton, Kansas City, Los Angeles, Philadelphia and Seattle-Tacoma International Airports.Frank Chambers, AFCO President and CEO, said “AMB has the financial strength, vision and commitment to continue what we’ve accomplished over the last eight years.  In addition to continuing to develop facilities for AFCO and its private investors, through our alliance with AMB, we expect to explore more on-apron opportunities at major airports domestically, and possibly internationally, than we would by ourselves. Through maintaining its ownership and equity interest in the facilities, AFCO retains its...

AFCO Acquires Air Cargo Facilities in Austin, Texas

AFCO has completed the purchase of three facilities at Austin-Bergstrom International Airport from Austin BellyPort Development LLC. Two air freight warehouse facilities total 57,000 square feet with ramp access, vehicular parking, and ground equipment storage. The opportunity exists for a total warehouse expansion of 30,000 square feet. The third building is a 7,200 square-foot ground support equipment (GSE) maintenance facility. All of the buildings have tug road access to the aircraft apron. Land is available to construct an additional 30,000-40,000 square-foot building. All three facilities are fully leased. Tenants include American Airlines, Continental Airlines, Delta Airlines, Signature Flight Support, Southwest Airlines and the City of Austin Department of Aviation....

AFCO Acquires Air Cargo Facilities in Bakersfield, California and Hartford, Connecticut

AFCO announced today that it has completed the purchase of three air cargo facilities at Meadows Field (BFL) in Bakersfield, CA and Bradley International Airport (BDL) in Hartford, CT. The BFL facility includes 11,000 s.f. of warehouse space fully leased by Airborne Express. AFCO plans to expand the existing facility at BFL to accommodate additional aviation industry tenants.The facilities at BDL include two air cargo buildings totaling 86,000 s.f. of warehouse space and 486,000 s.f. of aircraft apron, fully leased to Airborne Express, Airport Group International (AGI), BAX Global, Federal Express and TransCaribbean. Land is available at the BDL site for development of an additional 40,000-50,000 s.f. facility.  Passenger and cargo traffic at Bradley are increasing at phenomenal rates due to the booming economy of central New England and Bradley’s strategic position, midway between Boston and New York City. AFCO is very pleased to become part of the cargo teams at both Bradley and Meadows Field....