Case Study
Cell Tower Sale Yields Massive Crops for Farmer
Real Estate Knowledge Turns Into Relief Opportunity
Carl Penn, a 66-year-old farmer in Momence, IL made the decision to liquidate some of his assets to have 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 previous. Carl kept the parcel, as he knew its value being that it had a cell tower on it.
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 Symphony Towers’ Acquisitions Advisor in the past and he knew following up on this was his path to retirement.
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.
An Industry Expert for an Industry Opportunity: “Symphony Made Things Easy”
After uncovering the issue of the missed escalator payments, Symphony Towers’ advisor knew that the best way to help Mr. Penn was to purchase the asset and use the standing relationships with the carriers to settle the issue. Including the value of those missed escalations into the buyout for Mr. Penn’s retirement plans.
Mr. Penn & Symphony Towers’ advisor decided that the best course of action would be to sell the tower site to Symphony Towers Infrastructure 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 a Flexible Lump Sum Payment. Buy Spreading His Payout Across 5 Years, Netting More Than He Ever Could Have Expected Without the Help of Experts.
Had he not chosen to work with a Symphony Towers Infrastructure 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 complicated, and it can be difficult for landowners to determine what they are entitled to. This is where Symphony Towers’ expertise and connections come to use.
To Compound the Issue, Mr. Penn’s Rental Payments Had Not Been Increasing With The Escalator – He Needed A Trusted Partner To Work With Him On Realizing Unrecognized Value.
Symphony Towers Infrastructure’s 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 Towers was able to solve both his issues with ease for all involved.
How Can You Assess Your Position And Uncover Missed Opportunities To Protect Or Grow Your Rent?
Partner with an expert. We at Symphony Towers 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 a 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 on your cell site rent stream.
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