Case Study
Symphony Tower’s Expedition in Charleston: A Seamless Tower Acquisition and Closing Process
First Conversations: Finding Home
Symphony Towers sees urban and suburban cities like Charleston as a prime location for cellular growth. Beaming with nightlife and colorful business, and growing with large developments and favorable pricing for incoming tenants and owners. All factors that lead to increased need of cellular coverage.
Chris, a representative of Symphony, spotted the property with a looming tower on Carner Ave on his way to a family outing and made it his mission to get more information on the property. Chris reached out to the site owner, Phyllis, to learn more about her. Phyllis is in her mid-50s with no children and has a full-time job as a Real Estate professional. She travels the world frequenting national and international destinations but was looking to settle into somewhere she could truly call “Home.” Chris has worked with many similar stories over the years, and with this experience, he introduced Phyllis to a tax strategy “The 1031 Exchange.” With the help of Phyllis’ financial advisor, Chris put together a plan to sell the cell site and defer taxes on the sale by purchasing the “Home” Phyllis has always dreamed of.
Value Proposition: Adding Value Through Management and Cash Out
The cell site in question was an SBA tower with T-Mobile as the anchor tenant and two additional subtenants. Symphony Towers presented a compelling value proposition to the site owner– an opportunity to cash out of the site while entrusting Symphony with the future management responsibilities when the lease expired in 2027.Phyllis had become accustomed to the monthly payments from the cell site but needed cash now to purchase her home. This led Chris to talk through Symphony’s long-term benefit of partnership, shared upside. Symphony doesn’t look to simply buy and re-sell assets, we buy and grow the assets and take the upside created from that growth and share that value with the seller. Creating long and short-term value for partners.
A True Partner: Being A Part of Something Bigger
Major carriers and other subtenants have large goalsto hit and prefer to work with portfolios to achievethese goals before working with individual landlords.
This makes their life easier from a management perspective, while also helping them find the properties they need with greater efficiency. By selling the site to Symphony, Phyllis gains a leg up on the other site owners in the area and these carriers and other subtenants will see her site before they see others now that she is part of a larger group as opposed to a single player.
The Site Owner and her partner, who jointly owned the plot of land with the SBA tower, strategically utilized the proceeds from the deal in a 1031 exchange. This demonstrated a thoughtful and forward-thinking approach to financial planning, maximizing the benefits of the transaction.
Building Future Partnerships: A Testimony to Symphony's Approach
The efficiency displayed throughout the process left a lasting impression on the Site Owner. As a real estate savvy individual, she recognized Symphony’s capability and expressed an intention to engage with the company again in the future. This acknowledgment serves as a testament to Symphony Towers’ commitment to building lasting partnerships based on trust, value, and an expedited approach to achieving shared goals.
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 Towers Infrastructure 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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