Jonathan Lanser & Jeff Collins report in the Orange County Register that Daymark Realty Advisors, a subsidiary of Grubb & Ellis, has been sold to a joint venture controlled by Sovereign Capital Management Group of San Diego and New York-based Infinity Urban Century, an investment affiliate of The Infinity Group.
I can remember getting a call from Aaron Weiner sometime between 2001 and 2005 asking me if I knew much about Tics, Tenant-in-Common investmenets, Although I obviously knew what a tenant-in-common was, I didn't know much of the term as it was used as an investment vehicle rather than simply a way of holding title to property.
I immediatly began doing some research on the matter and discovered what seemed to be an incredibly smart way to get smaller investors into real estate and serve as an incredibly useful vehicle to develop business for real estate developers and brokers. Instead of selling real estate, you sell shares. Sounded like a security to me so I stayed out of it. Thank goodness I did.
I have this conservative, fatallist attitude that is, if I have heard of it, it is already to late to invest in it. So it turns out that TICs turned out to be a bad idea, whcih flaws were not exposed until the real estate market starting going bad, catching a lot of small, mom & pop investors in the crash and ruining their retirement. I don't think that, for the most part, there was anything malicious or conniving about it, just a good idea that didn't turn out as well as everyone hoped.
So what is the next big investment vehicle on the horizon?
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