The portfolio comprises about 2,300 ground lease-related assets, including 150 related to Crown Castle towers, generating annual cash flow of about $42 million. About 80% of the cash flow is produced by the Big Four carriers, which contract with companies such as Crown Castle to manage and operate communications towers.
The transaction is expected to close during the current quarter.
Houston-based Crown Castle, which offers wireless coverage in 92 of the top 100 U.S. markets via more than 22,000 towers in the U.S., has been out shopping of late. The company in December said it would buy NextG Networks Inc. for $1 billion in cash from Madison Dearborn Partners LLC, grabbing a large network of outdoor distributed antenna systems.
The company is also viewed as a potential buyer of 7,300 towers owned by Deutsche Telekom AG's T-Mobile USA Inc., should Telekom put its portfolio up for sale in the wake of the collapse of T-Mobile's planned deal with AT&T Inc.
Crown Castle earlier this week announced a $3.1 billion senior debt package that would finance its purchase of NextG, among other purposes. Though Standard & Poor's called Crown Castle's finances "very aggressive" after the debt package was announced, the company appears to be continuing with its plans to consolidate wireless assets.
Los Angeles-based Wireless Capital Partners was formed in 2001, specializing in cellular-related real estate. The company received financial advice on the sale from TAP Advisors LLC.
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