Sky Harbour acquires hangar at Camarillo Airport
Aviation infrastructure company The Sky Harbour Group announced that it has completed the acquisition of 120,000 foot hangar CloudNine and holder of related ground leases and fixed-based operator rights Sky 805 at Camarillo Airport (CMA) in California to serve the greater Los Angeles metropolitan area.
“Camarillo represents a rare alignment of the stars for Sky Harbour. The Los Angeles Metro is one of the nation’s top business aviation markets. More specifically, Camarillo Airport is positioned on the vital business aviation expansion corridor between Calabasas and Montecito, which we believe is set to benefit from a readily foreseeable long-term surge in Home Basing demand,” said Tal Keinan, chairman and CEO, Sky Harbour Group.
“The hangars, and the campus itself, were designed and built to the Sky Harbour standard, providing a rare opportunity to implement Sky Harbour’s Home-Base service offering at an already-existing facility, acquired at below-replacement cost.”
The group paid approximately $31m in cash consideration, substantially all of which was utilized to satisfy existing senior and subordinated debt obligations of CloudNine and Sky 805 at an aggregate discount of 10% to such debt’s face value to complete the acquisition.
The rebranded CloudNine will operate as a Sky Harbour home–basing campus while Sky 805 will continue operating the Channel Islands Aviation FBO and related businesses.
The Camarillo Airport campus joins Sky Harbour campuses now operating at Houston’s Sugar Land Regional Airport (SGR), Nashville International Airport (BNA), Miami Opa-Locka Executive Airport (OPF), and San Jose Mineta Airport (SJC); campuses in development at Denver Centennial Airport (APA), Phoenix Deer Valley Airport (DVT), Dallas’s Addison Airport (ADS), Chicago Executive Airport (PWK), Bradley International Airport (BDL), Stewart International Airport (SWF), Hudson Valley Regional Airport (POU), Orlando Executive Airport (ORL), Dulles International Airport (IAD), and Salt Lake City International Airport (SLC) ; and additional campuses soon to be announced.
