Cell At Auction LLC announced it has been retained by Walgreen Co. to offer for sale 54 telecommunication Site License agreements throughout the United States. According to Walgreen Co., these assets, while generating a significant amount of recurring revenue are non-core assets and would be best owned and managed by a national company better positioned to enhance the valuation of these sites.
Walgreen Co. recognizes the potential of ownership of these sites however is not positioned or have the expertise to work with the tower companies and wireless carriers to manage and operate the continual lease extensions and negotiations that exist with all these locations.
Many of these License Agreements have or will soon be expired and require experienced and on-going management. Several current rents may be perceived to be at under market rents, according to Cell At Auction, which present a new buyer with the opportunity to negotiate new long-term, higher rents. The portfolio is currently generating in excess of $317,000 in annual revenue.
“There are several well financed and highly qualified companies that are actively looking to acquire these assets,” said Bud Blinick, AARE, ATS and President of Cell At Auction LLC said. “My office is constantly contacted by many of these site license buyers looking to invest in these stable assets and this is a wonderful opportunity to acquire one of the largest multi-tenant portfolio offerings of its kind.”
Licensed site tenants include Verizon, T-Mobile, AT&T, Dish, Boingo, Towerco, Crown Castle, and Vertical Bridge. Information including access of all the license agreements can be found at https://www.cellatauction.com/. Bids are due in the format of an executable Letter of Intent by April 9, 2025.
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