Roadside Outdoor’s Floyd Simunek is considering a sale of his South Dakota/Wyoming billboard plant to focus on some real estate projects. Insider talked with Floyd about the sale last week.
Tell us about your plant.
I’ve been in the out of home advertising business for 18 years. It’s a 48 structure wood plant. located in western South Dakota and eastern Wyoming. I built the structures myself. 32 of the structures are on 4 lane highways and 16 structures are on two lane highways. All the structures are on various routes to the Black Hills and Mount Rushmore tourist destinations. Many of the signs are in areas protected by ordinances or in grandfathered locations.
What are the leases like?
The land leases are new with reasonable rents.
Any thoughts on sale price?
I’m offering a 9-10% cap rate which works out to a multiple of 8 times gross or 10 times net. I’d like to sell the out of home assets to finance some real estate projects.
You can learn more by contacting Floyd at 605-890-0202 or floyd@gwtc.net
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