Majority Interest in Dulles Cargo Building Goes for $42M

DULLES, VA-In a $42-million deal, McLean, VA’s Aviation Facilities Co. Inc. sells 95% interest in Cargo Building 5–the 285,000-sf air cargo distribution facility at Washington Dulles International Airport–to San Francisco-based industrial real estate owner AMB Property Corp.

The on-tarmac air cargo facility is currently 99% leased to tenants including commercial companies Air France, Federal Express, and United Airlines, as well as the US Customs Service and US Department of Agriculture. AMB will retain a 5% equity interest in the property and will also continue to supply management and leasing services.

Located at the airport’s World Cargo Center, Building 5 is a 20-year-old property that consists of 250,000 sf of cargo handling room and about 35,000-sf of office space. The exterior property features 440,000-sf of aircraft “apron” or ramp space, 54,000 sf of storage space and a 582,000-sf airport ramp. In addition to room for jets, there is supplemental parking space to accommodate up to 310 vehicles.