A New Acquisition for the PARC Group
Tom Haverford is the Community Director for a high-end retirement community in Florida owned by the PARC Group. For years, the Group and Tom have maintained beautiful communities all over Southern Florida. Recently, Tom was brought in to manage a new PARC acquisition. Tom learns that there is a cellular site on this property. The development company had no interest in managing the cellular site leases; however, they needed to structure the cellular site lease for certain accommodations.
The PARC Group had purchased so much land in Broward County, that they were required to build something of public interest to give back to the local community per a local law built to keep land owner groups engaged in their area. Plans were set in motion to build a school on one of their properties, and this is where the cellular site lease came into play.
An Industry Expert for an Industry Opportunity
Anthony from Symphony Wireless had worked with the PARC Group before Tom gave him a call. After explaining the situation, Tom and Anthony worked quickly to define two key parts of the cell tower sale process:
- Securing the lease information: This helps Anthony and the Acquisition Team at Symphony create an offer that would benefit both parties, specifically, creating a cash offer of over $500,000 of tax-friendly money the PARC Group can use to develop their property via 1031 Exchange.
- Outline the access road:Anthony and Tom opened a map of the property and compared it to the blueprints for the new school. Together, they were able to draw out the new access route to the tower equipment and keep all the other accommodation the school would require.
- Adapting To a Tight Timeline
- Building a Tax-Friendly Payout
- Expertise and Relationships in Telecom
- Industry Knowledge and Value
- Accommodations for Development Plans
The property for the new school had an existing tower with both Sprint and Verizon equipment. Tom and the PARC Group discovered their timeline for finalizing plans on the school was coming up at the end of the month, and needed to work quickly to take advantage of the cell tower and accommodate construction.
Luckily, Symphony Wireless and Anthony are experts in cell tower acquisition and have come across situations like this before.
Cell Tower Sale Benefits All Parties Involved
By the end of the month, the Symphony team and Tom had reached a term sheet that outlined the sale of the cellular tower land lease and the related access through the new development of the school and community. The cash offer allowed Tom and his team the flexibility they needed to start work immediately with no concerns.
All in a month’s time, the PARC Group was able to capitalize on an asset at peak selling time, get a cash offer and close, and most importantly start their new build. None of it possible without the efficient and creative work of Anthony and the Symphony Wireless team.
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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