Hangar facility in Broomfield sells to longtime tenant

A longtime tenant of a hangar facility at the Rocky Mountain Metropolitan Airport purchased the property for $4.8 million.

Mountain Aviation Inc. purchased the Rocky Mountain Aviation Facility, a 63,000-square-foot property with office space and a hangar bay, located at 9656 Metro Airport Ave. in Broomfield, from seller B&G Holdings LLC. Iver Retrum of Business Aviation Group Realty was the transaction broker in the sale.

The buyer occupied the property as a tenant for the last 12 years, and when its lease came due in July, it decided to purchase the property. According to Retrum, Mountain Aviation leads in private and business jet charter and aircraft management services and is the largest company to provide commercial, nonscheduled aircraft operations, under Federal Aircraft Requirement part 135, out of Rocky Mountain Metropolitan Airport.

The property was listed for sale at the beginning of this year. Retrum said it garnered significant interest from owner-occupants wanting to move in following the tenant’s lease term.

According to Retrum, interest in the facility continued to grow as the end of Mountain Aviation’s lease approached.

Even after COVID-19 hit, interest remained strong.

“Business aviation facilities are in more demand than they’ve ever been, specifically because our industry has weathered the pandemic very well, as people are flying less on commercial airlines and choosing private aviation if they can,” Retrum said. “All of the business aviation airports that we represent, including Centennial Airport and Rocky Mountain Metropolitan Airport, are seeing increased activity in the real estate sector.” Despite a great amount of interest by multiple prospective buyers, Mountain Aviation ended up being the perfect fit due to its history at the facility, Retrum said. The seller built the property in 2007 for the company’s use and it has occupied the space since.

The property, which sits on 1.45 acres, comprises a 25,499- sf aviation facility, 6,249 sf of office space and a 19,250-sf hangar bay that’s 175 feet wide by 110 feet deep. The property features bidirectional sliding hangar doors, high-gloss epoxy flooring, a fire room, an independently cooled information technology room and 39 parking spaces.

The facility has the capability to hangar multiple small or medium-size jets or two to three Gulfstream 450-size aircrafts. It also offers direct access to the main runway via a two-direction taxiway.

Retrum said the property is well-maintained and has not undergone any major changes since its construction. The buyer remains operational at the site and has no immediate plans for renovations, he added.

Published in the Oct. 21-Nov. 3, 2020, issue of CREJ.