Newmark announces it has secured the sale leaseback and build-to-suit financing for the establishment of a new aircraft maintenance, repair, and operations (MRO) conversion site in Marana, Arizona.
On behalf of the seller, Marana Aerospace Solutions (Ascent Aviation Services)–one of the largest independent aircraft aftermarket services providers in the world–the firm secured the sale leaseback of existing assets as well as the build-to-suit financing being provided by the buyer STORE Capital. Newmark Corporate Capital Markets group Vice Chairman Andrew Sandquist, Executive Managing Director JC Asensio and Managing Director Briggs Goldberg facilitated the transaction on behalf of the seller.
MORE NEWS: Pinal County sees surge in aviation-related development
“In bringing this transaction to a successful close, we are particularly gratified by the complementary outcome we secured for both parties; a result of the cross-collaborative efforts of our teams,” said Sandquist. “Through the structuring of this sale leaseback and build-to-suit financing Ascent Aviation is equipped to bring this unique project to fruition. We look forward to witnessing future milestones ahead.”
In September 2023, Marana Aerospace Solutions (Ascent Aviation Services) announced the finalization of its agreement with one of the world’s largest aerospace companies, permitting the establishment of said conversion site as well as granting the ability to carry out passenger-to-freighter conversions on two lines of Boeing 777-300ER aircrafts. In securing this sale leaseback and build-to-suit financing to support the program, Ascent will commence the construction of two, new widebody hangars, with a target completion date of the first hangar in Q4 2024 and the second hangar in Q1 2025. Upon completion of the aircraft hangars, Ascent Aviation’s long-term net lease, with STORE Capital functioning as the landlord, will commence.
