StratCap (“StratCap” or “the Company”) announced today that its wireless infrastructure division (StratCap Wireless) has completed the acquisition of 60 cell towers that are part of a larger 72-tower developer portfolio. The Company expects to close on the remaining 12 towers in the coming months. The acquisition was made as part of an institutional joint venture partnership wherein StratCap has a 51% ownership position and will manage the assets going forward. The 72 towers are located throughout 13 states, which include Texas, Missouri, New Mexico, Washington, North Dakota, Florida, Idaho, Louisiana, Montana, Oklahoma, Tennessee, Arizona, and Michigan.
Jim Condon, Managing Partner of StratCap, stated, “We continue to expand and grow our digital infrastructure holdings and we’re excited to secure a transaction of this quality and size.” Scott Riggs, Chief Operating Officer of StratCap Wireless, went on to say, “The towers’ tenant base is predominately made up of top tier wireless carriers and we believe there is ample opportunity for growth through 5G lease modifications and new tenant additions, which can help drive greater tower cash flow and the overall value of the assets.”
StratCap continues to expand its footprint in the digital infrastructure sector and believes the StratCap Wireless team’s significant experience as operators in the wireless arena has had a significant impact on the Company’s success. Todd Rowley, CEO of StratCap Wireless, stated, “We bring a unique perspective as former wireless operators and we believe that translates to strong, long-standing partnerships built on trust and transparency – whether that is with sellers, developers, tenants, brokers, lenders, or anyone else.” Mr. Rowley went on to say that he believes it was StratCap Wireless’ expertise and reliable reputation that helped it secure this off-market transaction.