IE Business Daily Business news for the Inland Empire.
Threshold Aviation is looking to lease 8,500 square feet of office space at its headquarters at Chino Airport.
The space, which is expected to lease for about $1.10 to $1.20 per square foot, was vacated earlier this month by Mooney International Corp., a Chinese-owned aircraft manufacturer, said Doug Crowther, Threshold’s director of business development.
Mooney International had about 100 people, mostly engineers, working there for about three and a half years. The company, formerly known as Mooney Aircraft Co., made the move because it’s consolidating its operations at its headquarters in Kerrville, Texas.
“We’’re looking for another aviation-related company, preferably one tenant, to go in there,” Crowther said. “Office space at airports doesn’t come open very often, so it shouldn’t be hard to fill. But you never know.”
Threshold officials have shown the property to several prospective tenants. The lease rate is based on average asking rates for office space in the Chino area, but the price ultimately could go higher because the space is at an airport.
“Ultimately, we’re looking for fair market value,” Crowther said.
Chino Airport is owned and operated by San Bernardino County, so Threshold Aviation is prohibited from profiting off any lease agreement it reaches.
Ultimately, the county must approve the agreement, and it must be in line with what Threshold pays the county for that space. In effect, both Threshold and the county will break even on the deal, Crowther said.
Threshold buys and restores private aircraft, mostly jets used by corporations and smaller companies. It occupies about 100,000 square feet at Chino Airport, where it has done business for nearly 10 years.
