by Kim Kilpatrick
February 2, 2012 10:55 AM
When is a self storage business a provider for cell phones? When the business allows a cell phone company to erect a tower on its property. And this arrangement could be more lucrative than what the owner of the self storage facility originally understood. At least it was for the SecureCare Self Storage Inc. in Wilmington, North Carolina.
SecureCare Self Storage Inc. is currently ranked as the13th largest self storage business in North America. Verizon is the largest wireless telecom provider in North America and the 16th largest company in the United States.
SelfCare Self Storage hired Vertical Consultants to review the cell tower and roof-top leases that SecureCare had with Verizon. Vertical Consultants discovered Verizon had been using additional space at the property without acquiring authorization and without declaring its usage.
Hugh Odom, President of Vertical Consultants that is based in Nashville, Tennessee, said that many property owners believe that the 'true value' of the property is simply the rent check they receive from the cell phone companies. He claims this is not the case. Tower companies rely on the lack of information and understanding to make deals that undervalue the properties because the owner was unaware or misled.
Odom went on to explain, "We were not only able to reach an agreement with Verizon that lead to a recovery of unpaid rent but also renegotiated the existing cell tower lease, resulting in an immediate 198% increase in rent."
Odom, stated "For the last four-decades the telecom companies continue to rely upon the lack of information a property owner has access to when it enters into a cell tower lease, or any other type of telecom lease, our mission is to level the playing field and make sure property owners at all levels get true and accurate value for the use of their property."
The collection of the underpaid rent from Verizon goes back to 2006. This is a significant recovery of unpaid rent for SelfCare Self Storage.
Vertical Consultants is an advocate for landowners who lease property for cell towers. They help property owners understand and become aware of options and opportunities which most property owners don't know about. Odom's company provides a source of equity in the transactions between the property owners and the wireless telecom providers.
"Our primary mission is to change the way things are done in the wireless industry" reminds Odom, "We've already successfully taken on the largest companies in the world to do so", he added.
Sources Used:
"Local self-storage gets thousands back from Verizon." Greater Wilmington Business Journal; 2 February 2012.
"Vertical Consultants Obtains Win-Fall Cell Tower Rent Increase for Self Storage Leader." PR Web; 2 February 2012.
SecureCare Self Storage.