The majority of the tower assets are located in and around the Oklahoma City metropolitan area with one tower in Wichita, Kansas.
“These assets serve as mission critical infrastructure for our tenants, helping them to deliver wireless coverage to a significant customer base in the Oklahoma metro region,” said Jim Condon, managing partner at StratCap.
The towers include 23 existing tenant leases with (Verizon, AT&T and T-Mobile who make up 100% of rental revenues.
At the same time, the towers have enough capacity for new tenants and lease modifications could occur as current tenants are likely to upgrade their sites with 5G equipment at some point.
“Oklahoma City is an excellent wireless market. It is the 41st largest metropolitan statistical area (MSA) and one the fastest growing MSA’s in the country with significant land area throughout the metro area," added Todd Rowley, CEO of StratCap Wireless.
"This presents considerable engineering challenges and complexities when building a mobile network.”
Condon and Rowley indicated that the acquisitions provide StratCap with what it believes are long-term, predictable rental revenues from premier tenants, while at the same time creating attractive value-add opportunities based on the towers’ additional capacity.
In related news last month StratCap Data Centres completed the acquisition of a 28,500 square foot data centre in Franklin, Wisconsin.
The new facility is fully leased on a triple-net basis and is located 16 miles south of Milwaukee, with approximately 15 years remaining on the current lease term.
