My phone rang at 3 PM on a Tuesday. The VP of operations wanted to know if we could lease space on a small rooftop for a new 5G node. Nothing major—just a single carrier, a small antenna setup. My first thought? This is gonna be a headache. And honestly, I almost dismissed it as too small for SBA Communications to care about. But I was wrong.
Here's what I've come to realize: small leases aren't a waste of time. They're an opportunity.
If you've ever thought about selling a lease back to SBA or negotiating a new one, you probably assumed it's only worth it for the big stuff—the 200-foot towers, the multi-carrier deals, the long-term anchor tenants. That's what everyone talks about. But in my experience, the small stuff matters more than people give it credit for.
Why small leases get overlooked
I manage purchasing for a mid-sized company—about 400 employees across 3 locations. We don't have a dedicated real estate team. When a tower lease comes up, it lands on my desk. And at first, I treated every inquiry the same way: if it's under 10 years or under $1,000 a month, it's not worth my time.
Then in Q2 2024, I had a situation that changed my mind. We had a small rooftop lease with a regional carrier—$850 a month, 5-year term. The carrier wanted out. Our legal team said we could either let them sublease or renegotiate. I almost let it die. But I decided to call SBA's leasing team anyway. They actually picked up quickly, listened to my situation, and within weeks had a proposal to buy out the remaining term and sign a new direct lease with us.
It wasn't a massive deal—maybe $50,000 in total value over the new term. But here's the thing: that $50,000 wasn't on anyone's radar. It was pure upside from a lease I was ready to write off. And SBA didn't treat me like a small fish. They sent a real person, answered my questions, and processed the paperwork without drama.
The assumption that almost cost us
I assumed that companies like SBA Communications—a publicly traded REIT with billions in market cap—wouldn't bother with a lease under $100,000. I assumed wrong. Turns out, they have dedicated teams for exactly this kind of deal. The key word in their business model is portfolio. Every lease, no matter the size, adds to their overall network value. And they know that today's small rooftop might be tomorrow's critical macro site.
What I learned: don't assume scale equals disinterest. If you have a valid lease with a carrier like T-Mobile or AT&T, even a small one, SBA wants to hear about it. They're not gonna laugh you off the phone. They'll evaluate it like any other asset.
What changed my mind (and my process)
After that experience, I adjusted my evaluation criteria. Here's what I look for now when a small lease crosses my desk:
- Is the carrier relationship stable? If the carrier wants to stay, the lease has value. Even a short-term renewal can be worth a conversation.
- Does the site have expansion potential? A rooftop that's currently hosting one carrier might be able to handle two or three. SBA's team can tell you quickly.
- What's the catch? Sometimes a lease has weird terms—like an early termination penalty or a right-of-first-refusal. But that doesn't kill the deal. It just means we actually need to read the fine print (something I'm guilty of skipping).
I'll be honest: I used to think that spending time on a $850 lease was a bad use of resources. I'd rather focus on the $5,000 a month macro site deals. But that's a false choice. You can do both. The small lease took me maybe 3 hours of work total—a few emails, one phone call, a quick review of the proposal. For $50,000 in incremental value? That's a pretty good hourly rate.
Responding to the skeptics
Look, I get it. Some people will say: "SBA doesn't care about small leases. They're a massive corporation. They only want the big stuff." And I thought the same way until I actually tested it. Here's the thing: SBA's entire business model is built on aggregating thousands of small revenue streams into one big portfolio. They're not gonna turn down a valid lease just because it's small. They literally need those small sites to fill coverage gaps and meet carrier demands.
Others will say: "It's not worth the time. The legal costs will eat up the value." Sure, if you hire a fancy law firm to negotiate a $50,000 lease, you'll lose money. But you don't need to. For a straightforward lease assignment or buyout, you can use a standard template. I did our last one with a local lawyer who charged a flat $800 fee. That's a no-brainer.
My bottom line
I'm not saying every small lease is a goldmine. Some are genuinely not worth the effort—like a month-to-month agreement with a carrier planning to pull out. But I've learned to stop dismissing them out of hand. The vendors who treated my small orders seriously when I was starting out are the ones I still call for my biggest purchases. SBA's leasing team earned my trust by taking my small roof lease seriously.
If you're on the fence about selling a lease or negotiating with SBA, here's my advice: take the call. Ask the questions. You might be surprised at what's possible. And if nothing else, you'll have a better understanding of your own assets. That's never a waste of time.
Prices and terms referenced are based on my experience in Q2 2024. Current rates may vary. Always verify with SBA's leasing team directly.