ANNAPOLIS, MD-A network of real estate transportation/industrial brokers that formed last year and is managed by locally-based Morprop Advisors has closed on a contract with Capital Telecom to market cell tower locations to transportation companies. The value of the contract is expected to be in the low eight figures, says Ted Morandin, managing director of Morprop Advisors.
The Industrial Transportation Property Network consists of about 100 brokers nationwide with specialties and subspecialties in real estate transportation. However, the deregulation of the transportation industry--a long-standing trend--led many to conclude their expertise would be better served by a network where they could leverage their local market knowledge instead. Basically the consolidation of the last several years has caused the number of clients for these brokers to dwindle, Morandin tells GlobeSt.com: "There is less need for specialized boutique brokers. Much of this real estate, after all, will sell for non-transportation uses."
The deal inked with Capital Telecom gives the ITPN exclusive representation of the transportation sector. “Cell towers offer our industrial transportation and public real estate market clients an opportunity to add income from their portfolios with no capital outlay,” Morandin adds. From Capital Telecom’s perspective, agreement with ITPN will expand the number of site options it can offer to the wireless carrier community, says Capital Telecom founder Craig Letts.
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