Yesterday, Aeroterm, a main division of North American real estate operator Realterm, announced an expansion of its agreement with Miami-Dade County. Under the agreement, an air cargo facility leased by FedEx Express at Miami International Airport (MIA) will be expanded, and the facility ground lease will be extended through 2050.
Under the new agreement, FedEx will extend its ground lease with Aeroterm – originally set for 25 years in 2004 following the completion of its existing facility – to 2050. Aeroterm will also expand the acreage area of its current 23.4 acre lease agreement by an additional six acres, on which it will construct the new building development. Details regarding the new building development have not yet been determined. Miami-Dade’s County Commission approved Aeroterm’s extension on its ground lease and facility expansion plans last month.
Aeroterm said it is developing the facility to accommodate FedEx Express’ growing business needs. In addition to the company’s expansion plans at MIA, Aeroterm is also developing infrastructure for air cargo at John F. Kennedy (JFK), Cincinnati/Northern Kentucky (CVG) and Chicago O’Hare (ORD).
The real estate operator is not alone in expanding its footprint at MIA. Last year, MIA welcomed new freighter flights from Ethiopian Airlines, Turkish Cargo and Southern Air, as reported by our sister site, Air Cargo World. French 3PL Bolloré Logistics and Hong Kong-based logistics company Tigers are also increasing their air cargo capacity and operations near MIA. These expansion have likely contributed to the airport’s 2.8% increase in volumes year-over-year, and no. 9 ranking in our top 25 cargo airports rankings for 2018.