It’s a seller’s market in out of home. Billboard Insider is aware of 5 transactions which closed yesterday.
- Juggernaut Media divested assets in Phoenix.
- Media Choice acquired Kramerica Outdoor Advertising in North Texas
- Lindmark Media acquired Quail Outdoor in New Mexico and 77 static displays from Griffin Media in Tulsa, Oklahoma
- OUTFRONT Media acquired four high profile digital billboard faces in Dallas from Burkett Media.
We talked with Beau Burkett of Burkett Media about his transaction and the state of the market.
Tell us a little bit about the Dallas signs?
These were very high profile locations in one the most affluent, high growth areas of the Dallas / Fort Worth Metroplex. Very limited inventory. The municipality I was in, along with all neighboring cities prohibit any new billboards. I developed two new sites after securing all the variances needed over a two year period. Both signs are located on SH-121 (Sam Rayburn Tollway) connecting Plano to Lewisville and on to Grapevine. All four faces have 16mm Daktronics units. One unique aspect to this project was a requirement to have a stone cladded base around the sign pole of each sign. It was a learning experience how to get that engineered and installed properly. The end product looks outstanding and added a nice aesthetic element to each sign.
You’ve sold lots of signs. What’s it like dealing with the Big 3 (Lamar, OUTFRONT, and Clear Channel Outdoor) when selling?
I have the utmost respect for all of the operators you named. They’re all great at what they do and have amazing locations throughout the country. OUTFRONT in particular has been awesome to work with. I’ve built some great relationships and friendships with their team. In the last 18 months I’ve sold OUTFRONT 14 high profile digital units in the largest markets in Texas (both San Antonio and now Dallas). Max Drachman has been on my side in each deal as my broker to help facilitate each deal. I consider him a good friend and he’s always a pleasure to work with. On the legal side Adam Webb’s firm and Chris and Richard Rothfelder made each deal really smooth and easy overall. Both firms are well versed in transactions like these and know exactly how to get things done. I couldn’t be happier with how they all work together.
Was it very difficult to get a transaction done and has the buy/sell market returned to normal after covid?
Things are much better now… Comparing the deals I mentioned above from a year and a half ago to now – I feel like things are pretty back to normal. This most recent deal was the fastest, smoothest deal yet.
What are your priorities for the coming year?
I still have about 130 faces I own and operate throughout Texas. I’ll continue to grow where I can and focus on new opportunities. I have a couple sites that are about ready to build. These are exciting new digital sites that have been a long journey to get in major Texas markets. So overall, a lot to be excited about over the coming year!
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