KANSAS CITY, Mo.-Sprint PCS affiliate iPCS Inc. closed on the sale and leaseback of 51 towers late last week as part of an agreement reached in September to sell up to 92 towers to TCP Communications L.L.C. The carrier, which serves more than 240,500 customers in 40 markets scattered throughout four Midwestern states, said the initial sale generated gross proceeds of approximately $9 million, and the total deal will generate $16.5 million once completed.
The towers are located primarily in Michigan, Illinois, Iowa and Nebraska and had an average selling price of $180,000 per tower. The carrier said it will lease space on the towers at rates and terms consistent with that of its existing leases.
Nations Media Partners Inc. advised iPCS on the sale.<p
