AFCO completed a transaction with AMB Property Corporation (AMB) in which AMB will own a 95% interest in Cargo Building 5 at Washington Dulles International Airport.  The purchase price was $42,000,000. AFCO will retain a 5% interest and will manage and lease the property.  AMB, one of the largest real estate investment trusts in the United States, owns and operates over 1,000 properties totaling almost 95 million square feet of space in 26 metropolitan North American markets.  Frank Chambers, AFCO President and CEO, says, “The sale of a 95% interest in Cargo Building 5 to AMB provided an excellent opportunity for our private investors.  AFCO looks forward to expanding our relationship with AMB, and expects to do more business with AMB in the future.”

Cargo Building 5, built in 1992, was the first new airport facility development completed by Frank Chambers, then a Vice President of WEST*GROUP.  The project now includes 287,000 square feet of warehouse and office space and 582,000 square feet of apron. Current tenants include Air France, Federal Express, Lufthansa German Airlines, United Airlines, the U.S. Customs Service and the U.S. Department of Agriculture.

In 2000 AFCO arranged the transfer of a 95% interest in 20 of its facilities totaling almost 900,000 square feet to AMB Property Corporation.  AFCO continues to retain a 5% equity interest and full management of those facilities.