A Looming Cash Investment in High Interest Times
In March of 2022, Las Vegas Attorney and Investor Garrett Wilson received a call from an Acquisitions Advisor at Symphony Wireless about a cellular site on property he owns. Garrett had been approached before about selling the site, but it never seemed like the right time. However, with an upcoming development project creating a looming cash shortfall, now seemed to be a great time to find out “what is this cell tower on my land worth?”
Speaking with Kelly at Symphony, Garrett outlined his development and retirement plans, laying out the timeline he had for both. The timeline for the development was at the end of the month, and Kelly let him know that Symphony works quickly and with flexibility to ensure the cellular tower acquisition is handled properly.
An Industry Expert for an Industry Opportunity
When you partner with Symphony, you are leveraging our industry relationships built over decades. With Symphony’s connections in the cellular carrier industry, we are well-positioned to fill those spots on the tower and create a revenue share for new cellular carrier leases.
All Hands On Deck
Kelly worked with her Pricing and Legal Team to get an offer to Garrett less than a week from their first conversation and closed within a week of finalizing the updated title report. As Garrett combined three parcels into one, Legal worked quickly to consolidate and update titles. Working out these details quickly, Symphony was able to close within a month of the initial offer.
With this payout, Garrett sees an opportunity to expand his business by using tax-friendly cash to build his development, while the opportunity for additional carriers on the tower could fuel his retirement.
- Adapting To a Tight Timeline
- Building a Tax-Friendly Payout
- Expertise and Relationships in Telecom
- Industry Knowledge and Value
- Accommodations for Development Plans
Kelly at Symphony explained the benefits of selling the cellular tower on his property, outlining the tax advantages and how they correlate to his development and retirement. They review cellular tower lease documents together that include a major telecom carrier lease of $5,000 per month and space for two more carriers that he had not been successful marketing on his own.
With a desirable location in Las Vegas and existing value, Symphony made an offer to purchase the lease with a payout of over $1,000,000.
Cellular Tower Sale Benefits All Parties Involved
Not only did the sale of the tower for over $1,000,000 come in a tax-friendly 1031 Exchange, it worked perfectly with the plans that Garrett had for his new development. Speed, efficiency and industry expertise fueled a new asset for Symphony and an interest rate-friendly cash investment for Garrett.
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 cellular site lease acquisitions across the country. It is our business to know the value and risk profiles of cellular 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 and needs. Our assessment will provide you with a reliable view as to how your site fits in with the expected future of the cellular site grid. This is the opportunity you have been looking for to capitalize your cellular site rent stream.
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