SARA agrees to put hangars on market

Published 12:04 am Tuesday, August 4, 2015

The South Alabama Regional Airport took steps Monday to enter into an agreement with a Birmingham-based commercial real estate firm to help market the sale or lease of the twin hangar complex at the airport.

In April, SARA Co-director Jed Blackwell and Covington County Economic Development Commission Director Rick Clifton asked the authority for permission to contract with Graham & Co.

This would be an exclusive lease with the company.

On Monday, Blackwell told the authority that they were at a point where they had to make a decision on whether to contract with the company.

Blackwell said the contract would be a one-year contract with an exclusive listing.

Graham & Co. would list the twin hangar complex for $50,000 per month for lease or a total sale of $10 million.

If the property is sold, Graham & Co. would retain 5 percent of the profit if they sell it, or there would be a 6 percent commission if it’s a dual agent sale, with each agent collecting 3 percent each.

If they lease the property, the company will get the first month’s rent and 5 percent of the rent each month.

Blackwell said they were able negotiate with the company, who initially wanted 4 percent of the lease amount up front.

“We can’t do that,” Clifton said. “As we get paid, they get paid.”