Shopping centers have always been and will always be popular locations for cell towers and cell sites. This is due to a number of factors such as (i) a preferred commercial land use, (ii) a consistently high concentration of cell phone users in the area, and (iii) typically shopping centers are either surrounded by residential land use and/or adjacent to highway systems. If you want to provide your wireless service to a high amount of your customers, look no further than a shopping center!
Will a cell tower, or cell site lease, negatively affect my anchor tenant or my other retail tenants?
Typically no. Make sure the proposed cell tower, or cell site, installation is architecturally integrated into the shopping center. Also, double-check any NNN leases you have to make sure that installing an installation on the roof or adjacent to a tenant’s space, will not put the landlord in breach of the lease agreement.
What should I look out for with a new shopping center cell tower or cell site lease?
Rent, rent escalator, term, insurance, indemnification, temporary relocation, redevelopment – there are a number of items that needed to be looked at with a magnifying glass. While the additional income added to the rent roll is nice, we need to make sure we don’t leave ourselves open to any potential problems in the future.
The adjacent image is an AT&T installation we worked on in San Diego, California. The City of San Diego required that AT&T hide their antennas to create a “stealth” facility. This photo was taken during the construction phase. What you can see here is that you can have your tenant pay for construction elements to help integrate the facility into your shopping center. The children cut outs were paid for by the tenant to help integrate the facility. Later on screens were installed over the antennas to completely hide them from public view.
How can you help?
Nick G. Foster, Founder & President of Airwave Advisors, has years of experience working on cell tower and cell site leases on shopping center properties. Here is what one of Southern California’s largest private shopping center owners has to say about his service.
Dear Nick, 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 Schriber, VP Operations, Donahue Schriber Realty Group
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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).