This article summarizes reporting by CBS News Atlanta.

Delta Airlines Executes $75 Million Sale-Leaseback for Atlanta Employee Parking Facility

Delta Air Lines has completed a significant real estate transaction involving a major employee parking facility near Hartsfield-Jackson Atlanta International Airport. According to reporting by CBS News Atlanta, the airline has sold the approximately 58-acre property to global investment manager Realterm for $75 million. The deal is structured as a sale-leaseback agreement, allowing Delta to generate immediate capital while retaining operational control of the site for the next two decades.

The transaction highlights a growing trend among major aviation corporations to monetize non-core assets. By selling the land and immediately leasing it back, Delta unlocks liquidity from its balance sheet without disrupting the daily routines of its Atlanta-based workforce. The facility, located in College Park near the Gateway Center Arena, serves as a critical logistics hub for employee access to the world’s busiest Airports.

Realterm, the buyer, is a specialist in “transportation-advantaged” real estate, focusing on high-flow-through logistics properties. This acquisition aligns with the firm’s Strategy of securing industrial assets in supply-constrained markets, particularly those adjacent to major airports and cargo hubs.

Transaction Details and Lease Terms

The agreement between Delta Air Lines and Realterm involves specific terms that ensure long-term stability for the airline’s operations. According to the details reported, the sale price of $75 million values the land at roughly $1.29 million per acre, a premium that reflects the scarcity of zoned industrial land in the immediate vicinity of Hartsfield-Jackson.

The Sale-Leaseback Structure

Under the terms of the deal, Delta has committed to a 20-year lease on the property. Additionally, the contract includes four five-year renewal options, potentially extending Delta’s control of the site for up to 40 years. This structure is common in corporate real estate, as it allows companies to convert “lazy equity”, capital tied up in owned real estate, into cash that can be used for debt reduction, operational reinvestment, or liquidity management.

Location and Operational Impact

The property is situated in the College Park area, a rapidly developing commercial corridor. It is located near the Gateway Center Arena, home to the WNBA’s Atlanta Dream, and the Georgia International Convention Center. Despite the change in ownership, no changes to employee parking access or daily airport operations are expected. The site will continue to function as a primary parking and transit point for Delta employees.

Strategic Context: The Rise of Industrial Outdoor Storage

This transaction underscores the exploding value of Industrial Outdoor Storage (IOS) and paved land near major logistics hubs. While traditional warehousing remains valuable, the land itself, specifically sites zoned for parking, fleet storage, and cargo staging, has become a highly sought-after asset class.

Realterm’s Investments Strategy

Realterm has been aggressively expanding its footprint in aviation-adjacent markets. The firm’s Aeroterm division is already the largest owner of on-airport cargo and aviation support facilities in North America. By acquiring this 58-acre site, Realterm secures a “mission-critical” asset in a market where new land for industrial use is increasingly difficult to entitle and develop.

According to Market-Analysis summarized in recent reports, the Camp Creek Parkway corridor, where this property is located, is a prime area for “last-mile” logistics. The immediate access to I-285 and the airport terminals makes it one of the most competitive submarkets in the Southeast.

AirPro News Analysis

We view this transaction as a prudent financial maneuver by Delta Air Lines. Following the financial strains of the post-pandemic recovery, major carriers have focused intensely on strengthening their balance sheets. While Delta has returned to robust profitability, “capital recycling”, selling non-core assets to raise cash, remains a smart way to improve liquidity without taking on new debt.

Furthermore, the valuation of $75 million for a parking lot demonstrates the immense premium placed on airport-adjacent land. For investors like Realterm, the intrinsic value lies not just in the current lease income, but in the irreplaceability of the land. You simply cannot build 58 acres of new industrial parking next to Hartsfield-Jackson today; the land is already spoken for. This scarcity ensures that the asset will likely appreciate significantly over the 20-year lease term.

Sources

• CBS News Atlanta