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Real Estate Knowledge Turns Into Relief Opportunity

Carl Penn, a 66-year-old farmer in Momence, IL decided to liquidate some of his assets to have the cash to travel and enjoy himself during his golden years. One of the assets he was considering liquidating was a 3⁄4-acre parcel of land located on a farm that he sold nearly 2 decades prior. Carl kept the parcel, as he knew its value being that it had a cell tower on it. This parcel of land was leased as a tower site to SBA for use by two carriers: Verizon and T-Mobile.

Mr. Penn needed a partner with industry knowledge as there were many players, lots of time & plenty of paperwork built into this parcel. He had received calls from Sean Lally, an acquisition advisor at Symphony Wireless in the past and he knew following up on this was his path to retirement.

An Industry Expert for an Industry Opportunity: “Symphony Made Things Easy”

After uncovering the issue of the missed escalator payments, Sean knew that his best way to help Mr. Penn was to purchase the asset and use the standing relationships with the carriers to settle the issue, being sure to include the value of those missed escalations into the buyout for Mr. Penn’s retirement plans.

Mr. Penn & Sean decided that the best course of action would be to sell the tower site to Symphony Wireless in a fee simple transaction, which would get him the cash he wanted while freeing him from the cell site lease and liability for the land.

Mr. Penn received flexible lump sum payments, spreading his payout of over $1m across 5 years, paying him more than he ever could have expected with the help of experts.

Article Highlights

  • Using Lump Sums Buyouts
  • Building a Tax-Friendly Buyout Options
  • Expertise & Relationships in Telecommunications
  • Industry Knowledge & Value
  • Accommodations for Development Plans

Mr. Penn’s cell site lease was worth significantly more than he thought, information that was not conveyed to him by other players on the tower or previous prospective buyers. Had Carl not chosen to work with a Symphony Wireless Acquisition Advisor, he likely would have left money on the table.

As leasing contracts have gotten more popular over the years, the contracts have become more complex, and it can be difficult for a landowner to determine what they are entitled to. This is where Symphony’s expertise and connections come to use.

The tower companies have been skipping his escalator amounts, Mr. Penn had been missing 2/3 of his escalation amounts for years.

Working With People Who Share Your Goals

Symphony Wireless’ goals are simple: to become one of the largest portfolios of cellular asset owners & to get there with fair and valuable deals for its buyout partners.

Understanding Mr. Penn’s goals for retirement & his situation of missed escalation payments, Symphony was able to solve both his issues with ease for all involved.

What can you do to learn where you stack up and if you are missing out on opportunities to protect or better grow your rent?

Partner with an expert. We at Symphony have been in the wireless industry for decades and are leading investors in cell site leases across the country. It is our business to know the value and risk profile of cell sites. We will assess your site for current risk and future potential value and come up with an investment plan that best suits your interests or needs. Our assessment should help provide you with a reliable view as to how your site fits in with the expected future of the cell site grid. And it just might be the opportunity you were looking for to capitalize your cell site rent stream.

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Looking to know more about your Tower? Its Value? Your Opportunity?

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https://symphonywireless.com/contact-us/