1031 Exchange Options Announces Nation's Largest Tenancy-in-Common Transaction; New Southern California Property a Milestone in TIC Investments.Business Editors/Real Estate Writers LAFAYETTE, Calif.--(BUSINESS WIRE)--May 14, 2003 1031 Exchange Options, a leading resource for investors looking to use a 1031 exchange to convert investment property holdings into a "Tenancy-in-Common" (TIC) investment, today announced the completion of the largest TIC transaction in history. Working with investors involved in 1031 exchanges, the company joined with PASSCO PASSCO Professional Associates and Software Systems Consultants PASSCO Pakistan Agricultural Storage & Supplies Corporation Real Estate Enterprises, Inc. to acquire the Puente Hills Mall Puente Hills Mall, located in Industry, California, United States, is a major regional shopping center in the San Gabriel Valley region of Los Angeles County. The mall was built in 1974 after the completion of the Pomona Freeway a few years earlier. , a 1.187 million-square-foot regional shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into valued at $146 million. Financing for the Puente Hills Mall transaction includes the largest loan amount, at $90 million, and the largest equity component, at $56 million, to date for a TIC investment. The Puente Hills Mall transaction highlights a fundamental shift in the way real estate is owned in this country. Over the last few years, and with the Internal Revenue Service recognition (via Rev Proc REV PROC Revenue Procedure (IRS) 2002-22), there has been a strong trend toward converting investment property holdings into a TIC via a 1031 exchange. TIC ownership is a popular choice among real estate exchangers. A 1031 exchange into a TIC investment also enables investors to remove themselves from day-to-day property management responsibilities while reaping the benefits of greater cash flow and more time to devote to personal interests. With TIC ownership growing in popularity, the size and nature of the Puente Hills Mall transaction is a milestone that will have a huge impact throughout the TIC industry. More intelligent, more sophisticated investors will make the leap into investments such as this because the size and nature of the Puente Hills Mall transaction underscores the benefits of the TIC structure. "The Puente Hills Mall exhibits all the qualities of an excellent investment, especially for those individuals who are concerned with preservation of capital Preservation of Capital An investment strategy whose primary goal is to prevent the loss of an investment's total value. Notes: For investors using the capital preservation strategy to achieve their goal, they must ensure their portfolio is producing a return that is at , cashflow and long-term appreciation," said Cary Losson, founder and president of 1031 Exchange Options. "The high caliber of committed investors clearly validates the quality of the investment, the strength of the PASSCO Real Estate team and the public acceptance that the TIC ownership structure is not only viable, but the preferred option." More on the Puente Hills Mall The Puente Hills Mall is an enclosed, two-level regional shopping center. It is located in the City of Industry in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , an area of robust growth between Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and Palm Springs. This geographic area is ideal, as it actually grew in population during the last two Californian recessions. Accordingly, the Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. is considered a recession-resistant region. The mixed-use environment of department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , large retailers, restaurants and entertainment creates high cross-traffic within the center, which attracts more than eight million visitors per year. The Puente Hills Puente Hills is a chain of hills in an unincorporated area in eastern Los Angeles County, California. It lies to the south of the San Gabriel Valley and the Pomona Freeway (California State Route 60), to the east of the San Gabriel River Freeway (Interstate 605), to the north of property is also considered to be recession-resistant, due to the profile of its tenant base, which includes such noteworthy anchor tenants as Old Navy, CompUSA, Sears, AMC Theatres This article or section has multiple issues: * Its tone or style may not be appropriate for Wikipedia. * It reads like an advertisement and needs to be rewritten in a neutral point of view. and Linens-n-Things. 1031 Exchange Options is the recognized leader in complete process management for 1031 exchange transactions. The company works with investment property owners seeking access to institutional-grade real estate. TIC investment opportunities are well suited to investors involved in the 1031 exchange process because the properties can be identified and closed in a timely manner thanks to pre-arranged financing. 1031 Exchange Options recently announced its fiscal 2002 results as well as its fiscal 2003 expansion plans. The company enabled clients to invest in more than $300 million of real estate transactions in fiscal 2002 and will more than triple its clients' investments in fiscal 2003. 1031 Exchange Options also announced a 12-month expansion program to better serve its nationwide client portfolio, accountants, qualified intermediaries The Qualified Intermediary (also known as an Accommodator) should be a corporation that is in the full-time business of facilitating 1031 exchanges. The role of a QI is similar to, but not identical to, the role of an escrow company. (QIs) and attorneys. Corporate plans include the addition of at least 14 new branches in the coming year. The company also will double its headcount in the first six-month period and will continue to exponentially increase personnel throughout the remainder of calendar 2003. About 1031 Exchange Options Through its expertise in institutional real estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the , analysis and comparison, 1031 Exchange Options provides complete 1031 exchange process management from beginning to end. The company's highly talented team of industry experts focuses on providing the most knowledgeable, professional and ethical investment real estate guidance. 1031 Exchange Options sets the industry standard for performance, professionalism and integrity. The company's relationships with the leading providers of institutional-grade, real estate investment opportunities offer clients of 1031 Exchange Options exclusive, preferential access to quality real estate investments. 1031 Exchange Options is headquartered in Lafayette, Calif. |
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