The Whiteheart Outdoor Advertising plant is for sale. Insider talked with Whiteheart’s broker, Stephen Minnich of Piedmont Business about the transaction.
Steve, Tell us about the plant.
Whiteheart Outdoor Advertising Company owns 18 sign structures with a total of 35 sign faces, all of which are offered for sale. About two-thirds of the signs are located along US Hwy 421/Business 40 or US Hwy 52 running through downtown Winston-Salem, North Carolina. Five of the structures are located along I-40 to the west of Winston-Salem. About two-thirds of the signs are 14×48 steel/vinyl structures, a few are smaller, and the plant does include one digital sign along the west corridor heading into Winston-Salem on Business 40.
I understand several of the structures include land or permanent easements?
An affiliate of Whiteheart Outdoor owns the real estate underlying 12 of the 18 structures, and holds permanent sign location easements for four of the remaining structures – so in all, permanent location rights to 16 of 18 structures. All of the real estate and easements are included in the offering.
How about the leases on the other structures?
Just two of the structures are subject to leases, one of which has a remaining term of more than 70 years and the other 13+ years. With offsetting income from a third-party sign lease on one of its properties, Whiteheart Outdoor carries virtually zero property-related net expense.
Tell us about the Winston-Salem area.
Winston-Salem is a thriving city with a population in excess of 250,000, located in the Piedmont Triad region of central North Carolina. Outside the region it is known for being the home of Wake Forest University and companies like RJ Reynolds, BB&T, Hanesbrands, Novant Health and perhaps most famously, Krispy Kreme Doughnuts. We have been happy to call Winston-Salem home for close to 22 years now, it’s a wonderful place to raise a family.
Anything else you would like to add?
About half of these signs need some work or clearing – substantial clearing in some cases – to improve the plant. Some of this work has been underway since Mr. Whiteheart’s passing, but it will be well worth the effort for the buyer to complete, especially given the permanent property rights supporting most of the structures. We are close to having detailed information about the offering completed and expect to begin sharing it with interested potential buyers within the next week or so.
Email steve@piedmontbusiness.com for information about the offering and timelines.
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