Existing leases sold from current owner. Im going to be new owner of building. What happens?

I am in the process of purchasing a building that has tons of Verizon Wireless equipment on the rooftop, as well as 2 modern shed structures in the rear parking lot connected to the towers. The current owner of the property stated to us that the leases for the rooftop and the sheds were sold a while ago, and are not part of the building purchase deal.

What does this mean for us?

Do we renegotiate leases directly with Verizon once we take ownership of property and not worry about the existing leases? I mean this guy must think we are going to just ignore everything exists as it is? Does Verizon even know he has sold the existing leases away?

Confused.......need experts.

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Apr 07, 2020
Value is stripped
by: bumper

I'd guess the previous building owners have "sold" their lease by taking a lump sum of money for a "perpetual" lease. This most often means the owner of the lease gets to stay there, rent free, for ever.

As a property owner with leased facilities, I get offered significant sums of money $350,000 so far, to grant a perpetual lease. No way am I going to do so. They threaten that they'll have to close the tower as the rent (now $2000 a month w/ a 5% annual increase each year) is costing them too much. They've played all manner of games - I'm not biting!

Back to your deal to purchase the property. If they've sold the leases, then that should significantly lower the purchase price, but not below the utility and usefulness of the property as is. If you want and need the property, without the nice carrot that was the cell site lease money, go for it.

Apr 07, 2020
Great questions. When it's a bad deal - just walk away.
by: Stephen

It's probably not a good deal. Sometimes the best decision is to find a different investment property.

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