CARY, N.C.-SpectraSite Communications Inc. signed a definitive agreement with AirTouch Cellular, obtaining rights to about 430 towers in Southern California through a master sublease agreement valued at $155 million. SpectraSite also will enter a three-year exclusive build-to-suit agreement with AirTouch in the area.
“This acquisition is consistent with our business plan of owning assets in the top 100 markets in the United States,” said David Tomick, chief financial officer of SpectraSite. “Based on our initial estimates, the average available capacity of these towers is approximately two tenants. We believe that the upcoming rollout of new technologies, including broadband wireless, wireless Internet, and [third-generation] applications, will generate significant demand for sites, particularly in this market.”
SpectraSite will be responsible for managing, maintaining and leasing the available space on the AirTouch Cellular towers. AirTouch will pay SpectraSite an average monthly lease rate in excess of $2,300 per site for its cellular, microwave and paging facilities.
