MIAMI—The developer of the AVE Aviation and Commerce Center here has secured more than $20 million in financing for the construction of two Class A industrial buildings at the complex, one of which will be the new home for aircraft engine repair company Turbopower.
The financing is being provided by BB&T and was originated by the Miami office of Grandbridge Real Estate Capital. The funding will finance the development of two new buildings with approximately $9 million being allocated to construct Building “EF” and about $11.25 million for the construction of Building “J,” according to CPF Investment Group, the developer of the master-planned, mixed-use business park located at the western edge of Opa-Locka Executive Airport. Grandbridge Real Estate Capital Senior Vice President Phil Carroll originated the transactions.
Building pad construction for the two buildings has already begun. The 171,000--square-foot Building “J” will be the future home of Miami Lakes-based Turbopower, which signed a 15-year lease agreement valued at $20 million.
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