Four Springs Ten31 Xchange acquired a 27.4-acre airside facility at Miami-Opa Locka Executive Airport for $17.5 million, demonstrating investor demand for specialized assets as the company expands into the South Florida aviation market for the first time.
The acquisition, completed in July, came after a surge in activity at Miami-Opa Locka Executive Airport, a general aviation airport about 10 miles northeast of downtown Miami. The airport experienced a 225% surge in activity since the pandemic, driven by an influx of wealthy residents moving to the area and shifting preferences toward private aviation.
The purchase was financed with cash provided by bridge financing from affiliates, with Four Springs then launching a $22 million Delaware Statutory Trust, giving accredited investors the opportunity to take part in the deal. The DST was fully subscribed by Oct. 31, the company stated.
"The strong response to our Aviation Infrastructure DST underscores the demand for institutional-quality real estate that combines credit strength, long-term cash flow, and sector diversity," said Bill Dioguardi, executive chairman of Four Springs Ten31 Xchange, in a statement to CoStar.
Beyond the financing structure, the transaction required navigating a complicated ownership structure, with Miami-Dade County as fee owner, AVE Airside as master lessee and Jet Aviation as the operating subtenant. Environmental concerns emerged due to the property's history as a former soil stockpiling site.
Due to the transaction's complexity, including its innovative financing model, environmental review and asset class, it has been awarded a 2026 CoStar Impact Award for South Florida, according to an independent panel of real estate professionals familiar with the local market.
About the sale: Four Springs acquired the 175,000-square-foot aviation facility at 14225 Aviation Drive from seller AVE Airside in an all-cash purchase funded through bridge financing and no permanent debt.
What the judges said: "The amount of various interests and parties involved to execute this deal reflects the commitment of all involved and the extent of the underlying need for additional private aircraft services in the South Florida market," said Robert Eckstein, partner at NAI Miami Fort Lauderdale.
Michael Feuerman, managing director of Berger Commercial Realty, said "The financing and use of the property in a Delaware Statutory Trust added additional, significant layers of complexity to the deal."
They made it happen: William Dioguardi, executive chairman of Four Springs Ten31 Xchange; Coby Johnson, CEO of Four Springs Ten31 Xchange; Matt Woehnker, president of Four Springs Capital Markets; and Christopher Brake, technology and business intelligence associate for Four Springs Capital Trust.