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Crown Castle International buys Colonial building, cell tower

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  • | 3:47 p.m. November 30, 2012
  • Commercial Real Estate
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BUYER: Global Signal Acquisitions IV LLC (principals: Global Signal Operating Partnership LP, Benjamin Moreland, Hawk Blake, Brown Jay, Victor Duva and Kenneth Uva), Canonsburg, Pa.

SELLER: Peninsula Associates LLP

PROPERTY: 1421 Colonial Blvd., Fort Myers

PRICE: $1 million

PREVIOUS PRICE: $420,000, December 1988

LAW FIRM ON DEED: Singleton Cooksey PLLC, Houston

PLANS, DESCRIPTION: An affiliate of Houston-based Crown Castle International Corp. purchased a 7,855-square-foot former real estate office for $1 million.

The price equated to $127 per square foot.

The office building also features a cell tower, which generates an annual income of $65,848. The building most recently housed an insurance firm.

Kevin Fitzgerald of NAI Southwest Florida represented the seller.

“I think they liked the property location, and they have an interest in the cell tower in the back of it,” he says. “To the best of our knowledge they are going to try to lease [the building] out.”

Crown Castle owns, operates and manages more than 22,000 wireless communication sites in the United States and another 1,600 in Australia. Crown Castle says it covers 91 of the top 100 U.S. markets and much of Australia. The company did not reply to a request for comment by deadline.



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