Another Tenant-In-Common Acquisition; SCI Real Estate Investments Acquires a $22M Office Complex in the San Fernando Valley with 9 Other Tenant-In-Common Investors.
Business & Real Estate Editors
WEST LOS ANGELES, Calif.–(BUSINESS WIRE)–Oct. 10, 2003
SCI Real Estate Investments is pleased to announce the acquisition of the 130,219-sq.-ft. Jade Corporate Center property located in Mission Hills, Calif., (adjacent to Granada Hills) in the San Fernando Valley. This 94%-occupied, 4-building office complex was purchased for $22,164,450. SCI principals Marc Paul and Robert Robotti represented the buyers, and Lynwood Fields of Madison Partners represented the seller.
SCI is one of the nation’s largest 1031 investment sponsors. SCI acquired the property with 9 other tenant-in-common investors who are completing 1031 exchanges, and with SCI’s private investor group.
Marc Paul, president of SCI, commented: “This is yet another example of the growing 1031 tenant-in-common industry. It is projected that of the approximately $50 billion a year in 1031 exchange transactions, only 2% are represented by tenant-in-common programs. By all accounts, within 5 years, perhaps 10% of these transactions will be TIC deals. That’s $5 billion a year.
“With our background, experience, and this growing marketplace, SCI is perfectly positioned to sponsor these TIC investments. The added benefit we bring is that we can sell 1031 exchangers an undivided, fractionalized ownership position as a tenant-in-common with other investors, placing their funds in a much larger and higher quality project than they could possibly afford on their own.”
SCI has been in business since 1994, and has a portfolio valued at $230+ million. SCI corporate offices are located in West Los Angeles, and the company is recognized throughout the real estate, investment, and banking communities as one of the most active, professional, and astute real estate investors in the market today.