2025-005 Joint Venture Partnership for Real Estate Development and Management #17903

1TB No. 2025-005

Invitation to Bid: Joint Venture Partnership for Real Estate Development and Management Mobile Airport Authority- Mobile Aeroplex at Brookley, Mobile, Alabama

Release Date: March 19, 2025
Submission Deadline: April 14, 2025

The Mobile Airport Authority (MAA), a governmental entity established by the Alabama Legislature in 1982, is seeking a capital finance and development partner pursuant to Article 2 of Title 4, Chapter 3 of the Alabama Code, (1975), as amended (the "Enabling Law"); and more particularly Section 4-3-47.1 of the Alabama Code ("JV Statute") This joint venture partnership ("JV Partnership") will manage and develop MAA's extensive real estate portfolio at the Mobile Aeroplex at Brookley (Brookley Field), located in Downtown Mobile, Alabama, adjacent to Mobile Bay. This N Partnership offers a unique long-term equity ownership opportunity for the selected development partner ("Partner") to co-invest in and unlock the value of a 1,650-acre mixed-use industrial and aviation complex, a cornerstone of economic growth along the Gulf Coast. In addition, the JV Partnership will manage the existing commercial real estate portfolio and will be responsible for developing the raw land. The MAA invites proposals from experienced real estate firms to collaborate in this transformative endeavor.

Legislative Authority
The N Statute, defined above, authorizes the MAA to participate in a corporation, partnership, or joint venture as a general or limited partner, shareholder, or member of any lawful business entity related to airport operations, land acquisitions, and incidental activities. MAA's Enabling Law also empowers the MAA to make or arrange loans, contributions to capital, facilitate debt and equity financing in support of eligible projects, and to guarantee loans and obligations to fulfill any lawful purpose.

About the Mobile Airport Authority and Brookley Field
The MAA owns and operates the Mobile Aeroplex at Brookley, a former U.S. Air Force base redeveloped into a thriving industrial and aviation hub. Located minutes from Downtown Mobile and directly off Interstate 10, the Aeroplex offers multimodal connectivity via air, rail (CSX Railroad), road, and water through Mobile Bay and the nearby Port of Mobil ne of the nation's busiest deepwater ports. The property includes:

• Mobile International Airport (BFM): A premier general aviation facility with two runways (9,618 ft. and 7,800 ft.), set to become the region's primary commercial passenger hub with a new terminal opening in 2026.
• Industrial Complex: Approximately 6 million square feet of developed space, including warehouses and facilities leased to over 70 tenants-from aerospace leaders such as Airbus and Continental Motors to non-aviation businesses-employing around 3,600 people.
• Raw Land (aka "North Brookley"): Hundreds of acres of undeveloped property, including a recently acquired 272-acre parcel from the United States Department of Housing and Urban Development, designated for light industrial development and open to innovative projects.

The Aeroplex is part of Foreign Trade Zone 82 and a community renewal zone, offering investment incentives. Its strategic location and infrastructure position it as a key economic driver for Mobile and Baldwin Counties in Alabama, and across the Gulf Coast region.

Scope of Partnership
The MAA seeks an experienced joint venture partner to serve as a capital finance and development collaborator, with responsibilities to:

I. Master Plan: Develop a master plan to maximize the value of the Mobile Aeroplex, to foster the success of the new BFM commercial air terminal and to create the nation's leading aeronautical business center.
2. Manage Existing Assets: Oversee leasing, maintenance, and optimization of existing warehouses and facilities to maximize revenue and tenant satisfaction.
3. Develop Raw Land: Plan, finance, and execute the development of undeveloped acreage, focusing on light industrial, warehouse, business serving the new BFM terminal, and aviation-related projects aligned with the Aeroplex's mission.
4. Provide Capital Investment: Co-invest in the portfolio through equity ownership, leveraging the MAA's authority under Section 4-3-47.1 to arrange loans, contributions to capital, or other financing mechanisms.
5. Enhance Economic Impact: Capitalize on the Aeroplex's proximity to Mobile International Airport, the Port of Mobile, and major interstates (1-10 and 1-65) to attract high-value tenants and ensure sustained growth.

This partnership represents a long-term equity ownership opportunity, enabling the selected partner to share in the value created through development and management of this strategic asset.

Partner Qualifications
The ideal joint venture partner must demonstrate:
• Real Property Development and Management Experience: Proven expertise in managing and developing industrial and commercial real estate portfolios on a national scale particularly in mixed-use or airport-adjacent settings.
• Access to Capital Markets: Robust financial capacity and relationships with capital markets to fund large-scale development projects and co-invest alongside the MAA.
• National Warehouse Development Experience: A track record of successfully developing and managing light industrial or aeronautical warehouse and manufacturing facilities on a national scale.
• Long-Term Investment Horizon: Commitment to a sustained partnership focused on enduring value creation, aligning with the equity investment opportunity.
• Local Orientation: Familiarity with or ties to the Mobile, Alabama region, ensuring sensitivity to local market dynamics, stakeholders, and community needs.
• Preferred Qualifications: Membership in the Society of Industrial and Office Realtors (SIOR) and the National Association for Industrial and Office Parks (NAIOP), reflecting industry leadership and professionalism.

Opportunity Highlights
• Partner with a public entity empowered by Alabama law to offer debt or equity participation and flexible financing arrangements, supported by a $12 million SEEDS grant awarded by the State of Alabama for the development of North Brookley.
• Invest in a growing aerospace and logistics hub, home to Airbus, FedEx, and other leading aviation­ related businesses, with momentum from the currently constructed Mobile International Airport terminal.
• Leverage the Aeroplex's multimodal assets-air, rail, road, and water-to attract diverse industries and tenants.

Submission Requirements
Interested parties are invited to submit a detailed proposal to the attention of the MAA Board Chair, Luckett Robinson, by April 14th, 2025, by mail to 1891 Ninth Street, Mobile, Alabama 36615 or by e-mail to: libby@mobairport.com including:

1. Company Overview: Background, experience, and evidence of meeting the qualifications outlined above.
2. Development and Investment Vision: Proposed strategy for managing existing assets, developing raw land, and structuring capital investment, including potential project types, timelines, and equity participation.
3. Financial Capability: Documentation of access to capital markets, funding capacity, and willingness to co-invest in the long-term equity opportunity.
4. Local Engagement Plan: Approach to integrating with the Mobile region's economic and community landscape.
5. References: Examples of past projects, particularly those involving warehouse development, joint ventures with public entities, or equity-based partnerships.

Next Steps
Submissions will be reviewed by the MAA Board, or its designee ("Selection Committee"), with top candidates invited to interview with the Selection Committee later this spring. MAA would then select its partner, negotiate final terms and then enter into some sort of joint venture agreement ideally before the end of 2025; with project implementation to follow.

The Mobile Airport Authority reserves the right to reject any or all proposals at its discretion. This is a rare opportunity to partner with a forward-thinking governmental entity, empowered by Alabama law, to co­ invest in and shape the future of one of the Gulf Coast's most dynamic economic assets.