CLIENT SPOTLIGHT: Jeff Lee

For the past two-plus decades, Stark Capital has been blessed with a number of life-long business relationships that have become equal part friendships.  This mutual trust, and the relationships that develop, are the single most gratifying part of what we do.  In this series of blogs, we highlight a few of these highly unique clients.

This initial spotlight will focus on Jeff Lee.

Jeff Lee was introduced to the billboard industry in his mid-20’s after spending several years overseas in the Peace Corp.  Jeff worked as a contractor for a firm out of Texas that was purchasing the ground or easements under existing billboards for the residual rent payments.  It did not take Jeff long to realize that there was even more investment return if you develop your own billboards and operate or sell them. 

It was the early 2000’s and Jeff was able to get land leases and permits for a couple interstate billboards in Fort Wayne, IN.  Jeff was introduced to us, and we provided 100% financing for his first two boards.  Not long after developing the locations, Jeff sold the sites to Bressler Outdoor.  He was hooked.

Following the sale in Fort Wayne, Jeff found an area in the Detroit market that would allow development.  Jeff built seven locations with financing from Stark Capital.  Once the assets were leased out to advertisers and stabilized, Jeff engaged Stark Capital to assist in the sale of the assets to another independent operator based out of OH. 

After selling the Detroit assets, Jeff returned to Fort Wayne in 2003 and over the next several years was able to develop 9 locations.  Again, financing was provided by Stark Capital.  Jeff operated the locations until 2005 when he engaged Stark to sell the assets.  He was successful in selling the assets to Viacom (Outfront).

Jeff took a short break from the Outdoor Advertising industry to help his brother create a successful contracting business that is still owned and run by his brother today.  It did not take Jeff long to get the bug again, and Stark Capital assisted in the purchase of United Billboards in Chicago.  Financing was also provided by Stark Capital.  Jeff operated the Chicago assets from 2007 to 2012.  With family back in Indianapolis, the travel up and back got old, and Jeff returned back to Indianapolis to develop more billboards closer to home. 

Back in Indianapolis, Jeff was able to develop an interstate location on I-465 and a trivision location along a heavily traveled northside retail corridor.  Stark provided 100% financing for both locations.  Not long after developing the locations, Jeff engaged Stark to assist in the sale of the signs to Lamar. 

In 2013, Jeff again was successful in leasing and permitting more locations in the Indianapolis market.  Stark provided the financing for the signs.  True to his developer DNA, Jeff decided to sell the locations once completed.  Stark was engaged to sell the assets, and a successful transaction was completed with CBS. 

Jeff got busy locating additional locations in the Indianapolis market and found himself in a very unique situation.  Jeff developed a trivision billboard in an affluent part of town.  Although fully permitted and conforming, the influential residents applied enough pressure on the planning department, that the permit was revoked.  Since the sign was legally developed, Jeff was due Just Compensation.  To avoid high damage, the City awarded Jeff two locations along an interior stretch of Interstate where billboards can no longer be developed.  Stark provided the financing to build these two settlement sites. 

Around the time Jeff was considering selling the two locations, the Supreme Court ruled on Reed v. Gilbert and Jeff realized the Indianapolis ordinance against digital billboards was unconstitutional.  Back to court Jeff went, ultimately being awarded the right to convert these two high profile billboard locations into digital assets.  Following the conversion, Stark was engaged to sell the assets, and a successful transaction was completed with Lamar in 2017. 

With all of Jeff’s success, he no longer needed Stark’s financing.  Jeff went on to develop assets in Anderson (sold to Lamar), downtown Indianapolis (sold to Lamar) and assisted in the conversion of a static sign to digital on the southeast side of Indianapolis.  Stark assisted in the sale of several of these assets. 

For those keeping score, that is 14 transactions over a period of 20+ years that Stark has had the privilege to complete with Jeff Lee.  And if you think he is done….you have not seen anything yet!!!