Naples Airport Authority buys hangar for Hertz

BUYER: City of Naples Airport Authority, Naples
SELLER: Passim LLC
PROPERTY: 160 Aviation Drive, Naples
PRICE: $1.65 million
PREVIOUS PRICE: $1.42 million, December 1990 (include additional property)
LAW FIRM ON DEED: Bond Schoeneck & King PLLC, Naples

PLANS, DESCRIPTION: The Naples Airport Authority purchased the Von Liebig hangar in the northwest corner of the Naples Municipal Airport for $1.65 million.

The 2.12-acre property features more than 20,000 square feet of hangar and office space with fueling facilities. DeAngelis Diamond Construction Inc. built the facility, which is also known as the Drax hangar, in 2001.

The airport authority purchased the property to lease it to The Hertz Corp. The initial term of the lease will be for five years starting Nov. 1 with several renewal options covering up to a total of 30 years. The agreement is for a triple-net lease that would obligate Hertz to pay for all utilities, taxes, maintenance and insurance.