SR Aviation Infrastructure Acquires Bridger Hangar Complex at Bozeman Yellowstone International Airport

Rhea-AI Summary

SR Aviation Infrastructure (SRAI) acquired the Bridger Hangar Complex at Bozeman Yellowstone International Airport from Bridger Aerospace Group Holdings (NASDAQ: BAER) on October 28, 2025.

The transaction includes a three-hangar, 118,000-square-foot complex, a fully entitled development site for a future 40,000-square-foot hangar, and a 10-year leaseback under which Bridger Aerospace will continue to occupy the existing hangars and maintain its Bozeman headquarters. This is SRAI's third acquisition as it expands an institutional aviation real estate platform focused on hangar development and leasing.

Positive

• 118,000 SF hangar complex acquired
• 40,000 SF entitled development site included
• 10-year leaseback with Bridger Aerospace
• Retained tenant serves as company's Bozeman headquarters
• Marks SRAI's third acquisition in its portfolio

Negative

• None.

Insights

Real Estate & Infrastructure Analyst

Acquisition with a 10-year leaseback secures a high‑quality tenant and creates development optionality at a fast-growing airport.

The transaction moves the Bridger Hangar Complex into a specialized aviation real estate platform. SRAI acquired three hangars totaling 118,000 square feet and a fully entitled site for an additional 40,000-square-foot hangar, then executed a 10-year leaseback to Bridger Aerospace. This structure preserves operational continuity while converting an operating asset into an institutional real estate investment.

Key dependencies and risks center on tenant performance and completion of the planned 40,000-square-foot hangar. The arrangement benefits from a long-term tenant that will keep its headquarters on site, which supports occupancy and cash flow. However, realized value depends on successful development execution and sustained demand at Bozeman Yellowstone International Airport.

Watch the permitting and construction milestone for the additional 40,000-square-foot hangar and any lease amendments across the 10-year term; these items will materialize over the near-to-medium term and directly affect income and asset value.

The 3-hangar, 118,000 SF complex includes opportunity for future 40,000 SF hangar

NEW YORK, Oct. 28, 2025 /PRNewswire/ -- SR Aviation Infrastructure ("SRAI"), a subsidiary of New York and Nashville-based real estate investment and development firm SomeraRoad, has acquired the Bridger Hangar Complex at Bozeman Yellowstone International Airport (BZN) in Bozeman, Montana, from Bridger Aerospace Group Holdings, Inc. (NASDAQ: BAER). The three-hangar, 118,000-square-foot complex occupies a prime location at one of the nation's fastest-growing airports. The acquisition also includes a fully entitled development site, where SRAI plans to build an additional 40,000-square-foot hangar.

As part of the transaction, the existing hangars have been leased back to the seller, Bridger Aerospace, under a 10-year lease agreement. Bridger Aerospace, one of the nation's largest aerial firefighting companies, provides aerial firefighting and wildfire management services to federal and state government agencies across the nation, as well as internationally. The location will continue to serve as the company's headquarters.

"Bozeman is a market that presents tremendous opportunity for private aviation and general aviation infrastructure," said Jonathon Reeser, President, SR Aviation Infrastructure. "This acquisition reflects SRAI's focus on well-located, institutional-quality aviation assets with durable tenant credit and clear value-creation potential. Bozeman has seen consistent growth, servicing premier destinations such as Big Sky Ski Resort, Yellowstone, and surrounding areas; our planned expansion will add much-needed hangar supply to the market."

"Bozeman is a fantastic market for SRAI - it reflects our ability to identify opportunity and move decisively, while also reinvesting in and enhancing existing assets," said Monte Koch, Senior Advisor, SR Aviation Infrastructure. "We see huge potential here, not only in the strength of the market today but in the development opportunities that will shape its future."

SRAI is an investment platform focused on the acquisition, development, and leasing of aviation-related real estate, including hangar space for based aircraft, corporate flight departments, government, FBOs, MROs, flight schools, charter, and management companies across the United States. The platform addresses the supply–demand imbalance in aviation real estate and is scaling toward an institutional portfolio of high-quality assets. Current holdings include Quail Air Center in Las Vegas, NV, and the private hangar complex at San Antonio International Airport. The Bridger Hangar Complex represents SRAI's third acquisition.

For more information on SRAI, please visit www.sraviationinfrastructure.com. For more information on SomeraRoad, please visit www.someraroadinc.com.

Bridger Hangar Complex 
90 Aviation Lane
Belgrade MT 59714

Media Contact 
Caroline Stephens
SomeraRoad, Director of Communications
caroline@someraroadinc.com

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SOURCE SomeraRoad

FAQ

What did SR Aviation Infrastructure announce on October 28, 2025 regarding BAER assets?

SRAI announced acquisition of the Bridger Hangar Complex from Bridger Aerospace (NASDAQ: BAER) on October 28, 2025.

How large is the Bridger Hangar Complex acquired by SRAI?

The sale includes a three-hangar, 118,000-square-foot complex plus an entitled site for a 40,000-square-foot future hangar.

What lease terms did SRAI secure with Bridger Aerospace after the acquisition?

The existing hangars have been leased back to Bridger Aerospace under a 10-year lease agreement.

Will Bridger Aerospace continue operations at Bozeman after the sale?

Yes; Bridger Aerospace will continue to occupy the hangars and maintain its Bozeman headquarters.

How does this transaction affect SRAI's portfolio as of October 28, 2025?

The Bridger Hangar Complex represents SRAI's third acquisition, expanding its institutional aviation real estate holdings.