How Big Bear Airport District Turned an Undervalued T-Mobile Lease Into a $413K Revenue Win

Client: Big Bear Airport District
Location: California
Carrier: T-Mobile
Lease Type: Cell tower lease extension
Term: 25 years

The Situation

Big Bear Airport District manages aviation operations and oversees revenue-generating assets on district-owned land. As a T-Mobile lease approached expiration, the carrier proposed a lease extension that offered continuity but significantly undervalued the site’s long-term potential.

With the lease set to shape district revenue for decades, BBAD needed to ensure the agreement reflected fair market value and served the broader community interest.

The Challenge

• Evaluating whether T-Mobile’s initial extension reflected true market value
• Navigating a long-term lease structure with complex escalators
• Securing reliable, sustainable revenue over a 25-year term
• Avoiding terms that would be difficult or impossible to revisit later

Aries Advisors’ Role

Aries Advisors conducted a market-based review of the proposed lease, comparing the offer against benchmarks for similar sites. The analysis revealed clear undervaluation.

Aries then led a strategic negotiation, leveraging the site’s importance within T-Mobile’s network and positioning BBAD as a critical partner deserving equitable compensation. Throughout the process, Aries served as the district’s financial advocate, keeping long-term value front and center.

The Outcome

• Monthly rent increased from $1,200 to $2,000 (67% increase)
• Escalator improved from a 12.5% term-based adjustment to a 3% annual increase
• Cumulative lease value increased from $461,970 to $875,022
• Net revenue gain of $413,052 over 25 years

The revised lease created a stable, long-term revenue stream to support airport operations and community initiatives, ensuring the district captured the true value of its asset.