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Volume 1 - Number 6 | June 14, 2005
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TOP STORY: Passco's Latest $100M-Plus Deal: Promenade at Howard Hughes Center
By Michelle Napoli
Passco Real Estate Enterprises Inc., which still holds title to sponsoring the largest TIC deal ever, was expected to close early this week on its latest large-scale retail deal. It is buying the Promenade at Howard Hughes Center, a 250,000-sf entertainment/retail asset in Los Angeles, from a joint venture of J.H. Snyder Co. and Orix Real Estate Equities Inc.
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Financial Institutions Consider Entering TIC Biz
By Michelle Napoli
While the list of tenant-in-common investment sponsors keeps growing, some potential new entrants could be in a league of their own. TIC Monthly has heard that several large financial institutions with considerable experience as real estate principals as well as access to extensive in-house brokerage infrastructure have been examining the possibility.
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Sponsors Thinking Outside the 'Four Food Groups' Box
By Michelle Napoli
Though the vast majority of deals still fall within the confines of the office, apartment, retail and industrial markets, alternative property types are finding their way into tenant-in-common investment circles. Driven by the competitive and high-priced nature of the more traditional property sectors, the need to provide attractive distributions as well as investor interest in alternatives, the trend is expected to continue, with deals in sectors such as self-storage, seniors housing and hotel sectors becoming more evident.
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Investment Watch: Multiple Property Deals
By Michelle Napoli
When Griffin Capital executives first began looking at the 204,464-sf office building at 900 Ashwood Pkwy. in Atlanta's Central Perimeter, they figured the property would result in the usual stand-alone deal. But ultimately, the company wound up doing a twist on a standard TIC deal, underscoring a potentially growing trend in the industry.
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