AT&T sold eight obsolete utility properties in Miami-Dade County for a combined $43.6 million as part of a national portfolio deal. Reign Capital bought all eight sites, which amounted to about 30 acres.
Nationally, the company sold 74 “underutilized central office” properties to Reign Capital and leased them back, generating more than $850 million in upfront cash proceeds. UMB Bank financed the deal for the buyer.
AT&T explained that the central offices were originally built to house and connect large, energy-intensive copper network equipment. Now that the network has moved to fiber and wireless networks that don’t need as much space, that has freed up real estate for other uses.
“The agreement includes provisions for financial participation in redevelopment revenues, ensuring long-term benefits from future property value increases,” AT&T stated.
Here are the Miami-Dade County properties that sold.
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