What cell towers might be worth

Water tower on Plymouth Court in downtown Chicago.  Photo by Menaceofprivilege 2013.
Water tower on Plymouth Court. Photo by Menaceofprivilege 2013.

I just happened on this article from Reuters (via Yahoo),  reporting that AT&T has long-tem leased or sold 9700 cell towers for what appears to be $500,000 each, including a leaseback of each at $1900/month with 2% annual escalation.  Lots of details aren’t included, but it gives some idea of what an old water tower or other (possibly disused) elevated location in an urban area can be worth. Curious why there don’t appear to be any antennas on the downtown Chicago tower pictured here; perhaps they’re on the other side.