One Grovers Park West, Brooklyn NY. An iconic residential building being converted into luxury condominiums.
Developers were looking to fully monetize the project and limit expense exposure associated with modernizing the building, which included the selling of the existing TMobile and Sprint cellular sites. There were 3 aspects (see right) of this cellular site that would need to be navigated by Jane, the newest member of the Asset Management team for One Grovers.
With construction, timelines, boundaries and a lack of experience in this type of deal, Jane knew she needed a trusted reference. A friend of hers in the industry referred her to Isaac, Director of Acquisitions at Symphony Wireless, to discuss how much the cellular tower lease was worth, and express concerns regarding the implications a sale could have on such a massive construction project.
An Industry Expert for an Industry Issue
Symphony comes highly recommended with years of experience, thousands of tower acquisitions, and the resources and capital to back it up. Isaac assured her that his team was the best equipped group to handle such a transaction. As proof of this, he outlined the process and set timelines he intended to keep. With a simple faxing of the tower leases to Isaac, the process began
All Hands On Deck
Working quickly to accommodate the timeframe with the analysts and legal teams while coordinating with the asset management team, Isaac and Jane were able to close the sale on time, and structure the easement to accommodate the outdoor patios, rooftop amenities, and private outdoor space. This allowed the management company to maximize value and maintain pricing as the building was developed.
- Adapting To a Tight Timeline
- Building a Tax-Friendly Payout
- Expertise and Relationships in Telecom
- Industry Knowledge and Value
- Accommodations for Development Plans
- This deal had to move quickly and smoothly as there was less than a month before the owned property changed hands and the condominium association was established, and with it the rights to the cellular tower.
- The easement must accommodate outdoor patios, rooftop amenities, and private outdoor space to maximize value and maintain pricing as the building was developed.
- With Sprint being acquired by T-Mobile, the value of this tower may be depreciated with a high likelihood Sprint would be decommissioning.
Cellular Tower Sale Benefits All Parties Involved
Not only did the sale of the tower for $415,000 come in a tax-friendly 1031 Exchange, it worked perfectly with the plans that the new development company had in place, landing Symphony a new asset that maintained value by transferring Sprint to T-Mobile. One Grovers received a much-needed cash infusion and Jane earned a promotion to Vice President, Acquisitions and Asset Management. As her portfolio grows, she knows to turn to her trusted and honest partner, Symphony when a cellular tower is on to-be developed land.
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 forcurrent 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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