First time Billboard buyer

[David McCracken]

I'm looking at buying a small plot of land next to a major interstate. Part of the land is leased to a media company that operates a billboard. The current leasing contract is for another 3 years at $4,000/yr. The plot is for sale for $55,000.

That stretch of highway has roughly 500,000 impressions per week. I believe based on the sign's location it is worth much more than $333/month. Especially if I sell directly to customers, rather than through the media company.

What steps would I take to convert this asset so that I own and operate the billboard rather than the media company? Will they allow me to buy it at the end of the leasing contract?