Blackbird Media announces purchase of Atlanta Sign site
Company pays $10.6 million for site of iconic digital billboard
Nashville, Tenn. – Blackbird Media announced today the purchase of property in Atlanta, Georgia that serves as the site of the Atlanta Sign, one of the most iconic, digital out-of-home advertising assets in the U.S.
Blackbird Media purchased 150 and 152 Walton Street as well 149 Centennial Olympic Park Boulevard in Atlanta. The company paid over $10.6 million for the .099-acre tract; a purchase price believed to be among the highest per square foot in state history.
Blackbird Media originally acquired a lease for the Atlanta sign itself in 2019, converting the iconic location to what the out-of-home advertising industry calls a “digital spectacular.” The seller of the property is Jackson June, LLC led by Larry Roberts, owner and operator of Boardworks Outdoor Advertising.
Blackbird Media President Prentiss Nelson said the purchase was to support the ongoing operation of the Atlanta Sign, noting the board in its new digital form has become a favorite of both local and national advertisers seeking to reach the Atlanta audience.
“We believe in the power of the Atlanta market and its value to advertisers. The Atlanta Sign has proven to be one of the most sought after digital out-of-home assets in the country, and Blackbird Media is doubling down on our commitment to the market,” Nelson said.
Roberts said the sale of the sign in 2019 and now the related land were both strategic moves for his firm.
“Blackbird Media is a sophisticated operator who understands this business and has returned impressive results since acquiring the sign in 2019. Looking ahead, I am confident Blackbird is going to continue to showcase this asset in an ever more engaging and entertaining way.”
The Atlanta purchase comes just a year after Blackbird Capital, the out-of-home firm’s parent company, completed a high-profile assemblage of property at the 1600 and 1700 blocks of West End Avenue in Nashville involving another iconic out-of-home advertising asset, The Nashville Sign, with the intent to develop the property vertically.
Blackbird Capital Principal Chenault Sanders said the group is in an acquisition mindset, noting an abundance of opportunity in key verticals like commercial real estate and out-of-home advertising in the Southeast.
“We are very focused on markets like Atlanta and Nashville that are showing growth and consistently attracting investors and capital from across the country,” Sanders said. “As the country continues its economic recovery, we will pursue a strategy to find assets with lasting value and companies that demonstrate an ability to scale regionally and nationally.”
Drachman M&A Co. of Tucson, Arizona served as an advisor to sellers Jackson June, LLC on the transaction. CEO Max Drachman said the purchase by Blackbird Media demonstrates real confidence in the out-of-home industry and the Atlanta market by an astute national player.
“Capital is pouring into the out-of-home space at an unprecedented clip. From advertising rates swelling at the local level to market caps surging for the publics, this space has never seen such a wave of investment. This deal is a perfect example of an industry leader applying total commitment to their business model. Blackbird knows they have a special and iconic asset in a thriving market. Buying out their landlord assures them total forward security while materially enhancing their cash flow margins.” Drachman said.
About Blackbird Media:
Blackbird Media, based in Nashville, is the largest independent out-of-home advertising company in Middle Tennessee. They are the proud parents of The Nashville Sign, an iconic media property anchored by a massive high resolution digital display at the West End & Broadway split in downtown Nashville. Additionally, they offer a portfolio of billboard properties in the Nashville area, including bulletins, and digital boards of all shapes and sizes. Blackbird introduced the Atlanta Sign in July of 2019. The Atlanta Sign, a premier digital spectacular boasting dimensions of 30’ by 100’, towers over Centennial Olympic Park in the heart of Downtown Atlanta’s tourism, entertainment, and business core.
About Blackbird Capital:
Blackbird Capital is a multi-asset class holding company privately held by its principals, Chenault Sanders, Campbell Steele and Prentiss Nelson. The company holds and manages private investments in real estate, media, hospitality, lifestyle brands, and technology, among other asset classes. Blackbird Capital is headquartered in Nashville, Tennessee and owns or controls portfolio assets from the Gulf Coast to Northern Virginia. www.bbirdcapital.com; www.blackbirdoutdoor.com
About Drachman M&A Co.
Drachman M&A Co. is a boutique firm focused on Mergers and Acquisitions of Outdoor Advertising and Tower assets. We provide guidance and strategic advice from a position of total transparency and complete alignment with the goals of our clients. Drachman M&A Co. is built on a foundation of trust, confidentiality, and integrity coupled with a reputation for persistence and delivering results for clients.
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