RIMO Outdoor, LLC. is selling 28 billboard faces in the Quad Cities along with 8 permanent easements for $525,000. Insider talked with RIMO principals Jim Gash and David Buring about the sale.
Tell us about the plant.
There are 18 structures and 28 faces. A majority of the structures are steel monopoles. The structures vary in size from 12 by 24 to 14 by 48.
What about the leases?
A strength of this transaction is that 8 of the 18 structures have permanent easements. 8 of the 10 leases have a term of more than 10 years. Only 2 of the 10 leases have a term of less than 10 years. Lease costs are only $15,000/year.
What’s Quad Cities like?
The Quad cities has CSA (Combined Statistical Area) population of 475,000 making it the 90th largest CSA in the nation. The CSA includes the following communities:
- Davenport, Iowa
- Bettendorf, Iowa
- Rock Island, Illinois
- Moline, Illinois
- East Moline, Illinois
The area is home to Deere and Company, Guardian Industries, Genesis HealthSystem and HNI/Allsteel. Rock Island Arsenal is the area’s largest employer with 9,100 employees.
What else would you like to say.
There’s plenty of upside in the transaction. We have been managing the plant remotely. A new buyer will be able to increase occupancy and revenues with a sales effort.
For more information about the sale contact David Buring, 901-289-5951, dburing@aol.com.
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