AMB Property Corp. has agreed to buy a 95% stake in 900,000 sq. ft. of airport distribution space from McLean, Va.-based Aviation Facilities Co. for $95 million. AMB paid $50 million in cash and assumed $45 in debt.
AMB is acquiring 20 buildings located on airport tarmacs in Baltimore; Dallas; Los Angeles; Philadelphia; Dayton, Ohio; Jacksonville, Fla.; Kansas City, Mo.; and Seattle-Tacoma, Wash. Memphis-based Fedex Corp. occupies 30% of the portfolio.