FBO operator Modern Aviation continues its expansion with the acquisition of a second terminal and hangar at Denver Centennial Airport. Modern made a major addition in 2018, its first year of existence, when it acquired the former XJet FBO at the business aviation hub, one of the busiest in the U.S. and home to nearly 150 business jets.
Modern's latest purchase from aviation real estate developer The Sunborne Companies consists of a more than seven-acre leasehold, including a 62,000-sq-ft, three-story building that houses the Signature Flight Support FBO among other tenants, along with a 38,000-sq-ft hangar complex primarily leased by Signature.
According to Modern, it will take over the space occupied by Signature “at the expiration or earlier termination of its current operating agreement," which one industry source told AIN is slated toward the end of the decade. That move will allow it to encompass the entire south side of the field, giving it the largest leasehold among what would be the remaining four service providers.
“This transaction enables Modern to increase its footprint in the near term, adding significant rental income to its current operations,” said CEO Mark Carmen, adding the company has been seeking opportunities to expand at Centennial since its arrival there. The news comes after the service provider recently broke ground on a major expansion of its existing FBO there.
While it apparently would eventually be squeezed out at KAPA, Signature would still maintain a strong presence in the area with FBOs at Denver International and Rocky Mountain Metropolitan airports.