Parallel Infrastructure

Last updated
Parallel Infrastructure
Private
IndustryTelecommunications, Real Estate
Founded2012
Headquarters
Charlotte, NC
Website www.pitowers.com

Parallel Infrastructure is a nationwide developer and owner of communications towers based in Charlotte, North Carolina.

Contents

Parallel Infrastructure is a leading build-to-suit tower operator with nearly 500 macro cell towers across the US and several hundred more under contract or in late-stage development. The Company counts all major US wireless carriers as customers, including AT&T, Verizon and T-Mobile, which lease space on towers under long-term contracts.

On May 3, 2017, Lendlease, one of the world's largest development, property, infrastructure, and construction firms, has announced that it has acquired the Parallel Infrastructure portfolio of telecommunications towers and development positions across the United States, from Florida East Coast Industries a part of Fortress Investment Group.

On Oct 14th, 2020, Apollo Global Management, Inc. announced that certain funds managed by affiliates of Apollo (“Apollo Funds”) have acquired from Lendlease a US telecommunications platform, including a portfolio of operating cell towers and a pipeline of contracted towers under development. The acquired company will rebrand itself as Parallel Infrastructure (the “Company”), the same name it held prior to being acquired by Lendlease in 2017. See >> press release

History

Parallel Infrastructure's history dates back more than 100 years. As Henry Flagler bought land and expanded his railroad empire from Jacksonville down to Key West, he also invested in new roads, stations, and other infrastructure to support his venture. [1] His investments allowed for the founding and settlement of several new communities along the eastern coastline, including West Palm Beach in 1894. Miami, then known as Biscayne Bay, was a small settlement of around 400 prior to the arrival of Flagler's rail line. [2] Thirty years later, Miami's population had grown to more than 100,000.

Despite changes in ownership and a lingering bankruptcy process that began in 1931 and lasted 30 years, Florida East Coast Railway remained a significant property owner and developer. In 1983, then-owner St. Joe Company split off Florida East Coast Railway's real estate arm – then called Flagler Development—and placed the two companies under the control of a new holding company, FOXX Holdings. The company's name was changed in April 2006 to Florida East Coast Industries. In 2007, Fortress Investment Group announced it was purchasing Florida East Coast Industries for $3.5 billion. The next year, Fortress fully split off Florida East Coast Railway from FECI, turning them into two separate, distinct companies.

In 2012, as part of a strategic realignment, FECI took its internal department focusing on right-of-way asset development and incorporated it as Parallel Infrastructure. [3]

In 2013, the company built and launched a new fiber optic network along the Florida East Coast Railway ROW between Miami and Jacksonville. This fiber optic network was made available to telephone and wireless companies, utility companies, cable companies, data centers, municipalities, and other healthcare and educational businesses that transmit large amounts of data. [4]

On May 3, 2017, Lendlease, one of the world's largest development, property, infrastructure, and construction firms, has announced that it has acquired the Parallel Infrastructure portfolio of telecommunications towers and development positions across the United States, from Florida East Coast Industries.

On Oct 14th, 2020, Apollo Global Management, Inc. acquired Parallel Infrastructure from Lendlease. See >> press release

Services

Parallel Infrastructure helps public and private landowners develop telecommunication towers, fiber optic networks, fuel depots, and outdoor billboards. They have a particular focus on land located next to right of ways and also offer real estate management services.

As of April 2014, the company had asset development agreements with 31 freight railroads and more than 2,000 miles of right of way across the country, in addition to managing more than 5,000 lease agreements involving hundreds of separate land parcels ranging in size from 1 acre to more than 300 acres. [5]

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References

  1. ↑ "History of the Railroad". www.keyshistory.org. Historical Preservation Society of the Upper Keys. Retrieved 2 March 2015.
  2. ↑ "American Experience: Henry Flagler". www.pbs.org. PBS. Retrieved 2 March 2015.
  3. ↑ Musibay, Oscar Pedro (22 January 2013). "Not your father's Flagler". South Florida Business Journal. Retrieved 2 March 2015.
  4. ↑ "Parallel Infrastructure Offers New Fiber Optic Network" (September/October 2013). Right of Way Magazine. Retrieved 2 March 2015.
  5. ↑ Chechile, Frank. "Unlocking land value to fund passenger rail". RailwayAge Magazine. Retrieved 2 March 2015.
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