APP Properties acquires additional hangar space at Hayward and Manassas locations
APP Properties, Inc., a real estate investment trust and owner of APP Jet Center, an operator of fixed based operations (FBOs), has announced its acquisition of additional hangar space (95,000 square feet in total) at its FBOs at Hayward Executive Airport (HWD) in Hayward, Calif., and Manassas Regional Airport (HEF) in Manassas, Va.
APP Properties acquired the space in late October 2018, adding US$15 million of investment to these facilities.
Thom Harrow, chief executive officer of APP Properties, said: “We continue to grow our hangar portfolio both at airports where we serve as an FBO and at other locations where we believe demand for hangar space is strong. As a result of this expansion, we can provide our based and transient customers with the best service on the fuel and real estate sides of the business.”
APP Properties’ acquisition includes:
- Three hangars at HEF totalling 65,000 square feet of space. All are modern hangars and are leased to corporate tenants or used as community hangars. This brings APP’s total hangar space at HEF to 275,000 square feet, all fully occupied.
- Three hangars at HWD totalling 35,000 square feet of space. All are fully occupied by a major charter and management company. This brings APP’s total hangar space at HWD to 130,000 square feet, all fully occupied.
APP Properties’ hangar portfolio is now 750,000 square feet at its four locations: HWD, HEF, Fort Pierce, Fla. (FPR), and Centennial Airport (APA) in Denver, Colo.