CPF Investment Group, developer of AVE Aviation & Commerce Center, has secured $20.25 million in financing for the construction of two new Class A buildings at the master-planned, mixed-use business park located at the western edge of Opa-Locka Executive Airport, announced Ernesto Cambo, principal of CPF.
The financing will be provided by BB&T and will pave the way for the development of two new buildings with $9 million being allocated to construct Building “EF” and $11.25 million for the construction of Building “J.” Building pad construction for the two buildings has already begun. The 171,000–square-foot Building “J” will be the future home of Miami Lakes-based Turbopower, an aircraft engine service provider, which signed a 15-year lease agreement valued at $20 million.
“Supply for Class A warehouse and distribution space is very limited east of the Palmetto Expressway (State Road 826),” said Cambo. “Our unique location coupled with access to the airfield is a formula for a world-class business park.”
“BB&T saw the benefits of AVE Aviation and Commerce Center, and Mr. Cambo’s ability to construct and lease up Class A industrial buildings in even the most challenging of economic times,” said Carlos A. Moore, senior vice president with BB&T. “Buildings EF and J are a continuation of an established lending relationship with Mr. Cambo.”
Building “J” will be located at 5499 N.W. 145th St. in Miami and will feature three doors per bay, a depth of 42 feet by 230 feet and a 24-foot clearance. Building “EF,” located at 14501 NW 57th Ave., will be 145,000 square feet and feature three dock-height bays, 24-foot warehouse ceiling heights, a front-office rear loading, ESFR Sprinkler Systems, a 200-foot shared truck court, a 50-foot concrete apron, a 1.9-to-1,000 parking ratio, and roving security. Additionally, a new RaceTrac gas station recently opened at the entrance of the business park, which is situated just north of the Gratigny Parkway and in close proximity to Interstate 75, the Palmetto Expressway (State Road 826), Florida’s Turnpike and Interstate 95.
Notable tenants at AVE include the U.S. Postal Service, which occupies a 500,000-square-foot mail sorting facility; Off Lease Only; ArjoHuntleigh; Goodyear; Banyan Air Service; and SunTrade Imports, among others.
