Sierra Nevada - Long Term Leased MRO
Mission Critical Infrastructure Net Leased Investment
Marketing description
The Newmark Government Capital Markets team is pleased to offer qualified investors the opportunity to acquire a new construction airplane hangar (“Hangar 1”) at the Aviation Innovation and Technology Center located on the campus of the Dayton International Airport (the “Property”). Built to suit Sierra Nevada Corporation (the “Tenant”) in 2022, this 97,600 square foot facility includes a 90,000 square foot hangar and a 7,600 square foot office. The Tenant inked a fifteen (15) year triple net lease which commenced in December 2022 and features annual rental increases of 1.90%. The Property is subject to a ground lease with the City of Dayton, which commenced simultaneously with the Tenant’s lease and extends forty-nine (49) years. After a nationwide search to find the location best suited to meet the Tenant’s growing customer needs, Dayton was chosen due to the proximity to Wright-Patterson Air Force Base, the extensive supply chain already in place, the highly skilled workforce with aviation experience, and proven standing as a global logistics hub. Since the completion of Hangar 1, the Tenant has completed Hangar 2 (101,000 square feet, completed in Q3 2024) and Hangars 3 and 4 (120,000 square feet each, completed December 2025).
Investment highlights
SIGNIFICANT FACILITY COMMITMENT
The Tenant has committed significant resources to the Dayton International Airport to create an Aviation Innovation and Technology Center (“AITC”). The AITC includes Hangar 1, Hangar 2 (101,000 SF /completed Q3 2024), and Hangars 3 and 4 (240,000 SF / completed December 2025). The combined cost of this campus exceeds $200 million.
HIGHLY PASSIVE NET LEASE STRUCTURE
The triple net (NNN) lease structure gives the Landlord a hedge against rising expenses and provides an ease of management. Additionally, the Tenant funds annual capital accounts to cover any additional maintenance or capital repairs / replacements.
ANNUAL RENTAL INCREASES
The lease features fixed annual rental increases of 1.9%, which mitigates inflationary concerns. These annual increases continue into the option terms.
STRATEGIC GEOGRAPHIC LOCATION
After a nationwide search, the Tenant chose Dayton due to its proximity to Wright-Patterson Air Force Base, the Life Cycle Management Center, and the Air Force Research Laboratory. Dayton’s extensive supply chain, highly skilled workforce and proven standing as a logistics hub contributed to the Tenant’s decision.
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