Commercial Real Estate Landlords

Maximize Your Asset’s Cell Tower NOI

As a commercial real estate owner, we understand your needs better than our competition. That’s because unlike our competition, we have worked in the commercial real estate industry for over 15 years!

Prior to founding Airwave Advisors in 2014, Nick G. Foster, led the national cell site practice group in one of the top commercial real estate brokerages in the country – Cassidy Turley (now known as Cushman & Wakefield). Prior to working at Cassidy Turley, Mr. Foster managed a billion dollar CMBS portfolio at CW Capital Asset Management in Washington D.C.. Mr. Foster started his career in commercial real estate over 15 years ago opening new markets for the leading commercial real estate information provider CoStar Group.

Mr. Foster has the perfect pedigree of experience in both commercial real estate and telecommunications to serve your needs.

Our commercial real estate clients range from:

  • Institutional Investors
  • Pension Fund Real Estate Advisors
  • Multi-Tenant Office Owners
  • Shopping Center and mall Owners
  • Industrial Owners
  • Owner-User Property Owners
Office Building Cell Site


  • How does a cell tower lease impact my commercial real estate? A cell tower lease is typically viewed as a value-add to most commercial real estate properties. The lease generates rent thereby increasing the net operating income of the property. In addition, most cell tower leases can be sold for hundreds-of-thousands of dollars, increasing your sales price when it comes time to sell the property.
  • What if we want to redevelop the property in the future? It is imperative that every cell tower lease agreement has a redevelopment provision in the contract. This provision will state who is paying to move the tenant (the tenant is going to pay) and timelines for any redevelopment project. If a cell tower lease agreement is silent in regards to redevelopment, your tenant will likely hold you hostage requiring you pay 100% of their relocation costs. I have seen some tenants go so far as to demand $1,500,000.00 to move them, which of course is highway robbery.
  • When we sell the property should we sell the cell tower lease separately than the property? The answer to this question is typically yes, you should sell the cell tower lease separately from the fee simple interest of the real estate. The reason being you will maximize your return on investment by selling the cell tower lease to the highest bidder. The only exception to this rule is if your asset is self-storage, multi-family, or retail that would sell for a very low cap-rate. In that instance it may make more business sense to keep the cell tower lease income in the rent roll and sell off the property with a low cap rate.
  • How long does it take to build a cell tower? The actual construction can be completed in under 90 days. From the time a tenant contacts you expressing interest in building a tower until the day they construct, can sometimes be a year. The reason why is it often takes months to negotiate a cell tower lease and to obtain permits to construct from local governmental authorities.
  • Will 5G require more cell towers? Yes, the deployment of 5G technology will require more cell towers to be built across the United States. If you own commercial real estate you typically have a higher chance of being contacted to have a cell tower placed on your property than for instance residential real estate.

What Do Our Client’s Say?

I just wanted to thank you for the work you’ve performed for Donahue Schriber related to our cell tower leases. Your depth of knowledge and your networking connections have already proven invaluable in the brief year or two that you’ve been working with us. The money that you’ve saved us or generated for us has more than covered your fees. We will gladly continue to work with you at our centers.

Elizabeth S., VP Operations, Donahue Schriber Realty Group

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Nick Foster Airwave Advisors

About Nick G. Foster

Since founding Airwave Advisors® in 2014, Mr. Foster has added value to over 400 clients ranging from the State of Nevada, City of Beverly Hills, to Habitat For Humanity. Mr. Foster focuses on cell tower lease renewals, buyouts, new lease negotiation, and cell site lease management. Prior to starting Airwave Advisors® Mr. Foster founded and led the Cell Site Services Group within nationwide commercial real estate services leader Cassidy Turley (now known as Cushman & Wakefield).