In millimeter-wave massive multiple input multiple output (MIMO) antenna systems, channel estimation is a crucial component. In this paper, we propose a virtual channel representation channel estimation method using out-of-band spatial information to reduce training overheads. The proposed channel estimation method outperforms the exhaustive-search channel estimation method in terms of throughput performance. The proposed channel estimation also supports high throughput performance for high-speed user equipment environments unlike the existing channel estimation methods. Since the throughput performance degrades in multi-cell scenarios, we also propose a cooperative channel allocation method based on coalitional game framework. The proposed cooperative channel allocation method enhances throughput performance in mm-wave small cell networks.