Apple Storage
Location: West Philadelphia
Size: 150,000 sf
Project Type: Redevelopment of warehouse and sale of cell tower easement
Ownership Structure: Wholly owned
Total Projected Investment: $1.1 million
Status: Leasing
The Apple Storage building is a 150,000 sf industrial property in West Philadelphia, previously operated as a self-storage facility. When Iron Stone acquired it in 2006 the building was vacant, but generated ancillary income from cellular telephone antennas and billboards. Iron Stone sold an easement for the footprints of the existing cell phone antennas in exchange for a lump sum payment that was substantially higher than the imputed value of the existing leases. In addition to monetizing these leases, we negotiated a revenue-sharing program with the grantee for future development and leasing revenue within its easement. The sale of the easement repaid 72% of our cost to purchase the property, allowing us to return equity to our investors while still retaining a valuable building. Plans are underway to lease the building to a large institutional tenant.
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