Although the tenant-in-common (TIC) market continues to rake in a staggering amount of money, the industry finds itself in the throes of some major changes. Securitized TICs alone are responsible for raising $1 billion in equity per quarter during the third and fourth quarters of 2005 and the first quarter of 2006, according to data from Salt Lake City-based Omni Brokerage Inc.
But the meteoric rise of TICs is beginning to show signs of leveling off. The amount of equity raised slipped to $908 million in the second quarter, and initial projections for the third quarter called for $890 million to flow into TIC investments (see chart).
The TIC industry has experienced incredibly rapid growth — roughly 100% per year since 2002. So, a change to more moderate growth was inevitable, say industry experts. “This is a year where we reached some equilibrium in the market,” says Marc Paul, president and founder of Los Angeles-based SCI Real Estate Investments. Paul estimates that total transaction volume for TIC properties industry wide — both securitized and non-securitized transactions — will rise about 20% in 2006 to between $15 billion and $20 billion.
Demand remains strong, particularly for high-quality properties, Paul adds. SCI recently filled the $29 million equity commitment for ITC Crossing South in Morris County, N.J., in less than 90 days. Built in 2000, the 372,789 sq. ft. center is anchored by strong credit tenants such as Lowe's Home Improvement, Old Navy and Bed Bath & Beyond. The power center, which sold for $65 million, will deliver first-year returns of about 6%.
Even though the robust transaction volume indicates a healthy market, those numbers don't tell the whole story. The time it takes to fully sell out a TIC investment has doubled and even tripled in the past year. As of Aug. 31, securitized TIC investments needed an average of 87 days to raise the equity capital, according to Omni. That is actually a huge improvement compared to July, when the average shelf life for TIC deals was a whopping 154 days.
Properties are sitting on the shelf longer for a variety of reasons. A jump in the 10-year Treasury yield earlier this spring coupled with incredibly low cap rates has caused investors to become cautious. The lull also is a reflection of more deals coming to the market. As of Aug. 31, there were 48 securitized TIC properties on the market — more than triple the 10 to 15 options that were the norm a year ago, according to Omni.
Another factor contributing to slower deal flow is a narrow distribution channel. “The sponsor community continues to grow at a fairly rapid pace, but the broker distribution channels have not expanded,” says Manuel A. Nogales, director of business development at Omni. Securitized TIC deals are dependent on licensed broker/dealer firms. About 60 broker/dealer firms represent 80% of the securitized TIC transactions.
Buyers are benefiting from the more competitive market with a wide variety of deals to choose from and plenty of time to make decisions. The increased competition also is expected to weed out some of the weaker sponsors and less-than-stellar TIC offerings. Omni is currently tracking 63 active securitized sponsors. Eight sponsors left the TIC marketplace during the second quarter, and five more sponsors have suspended TIC activity for the time being.
The industry-wide shakeout is expected to continue into 2007. “I think you will see a pretty stable product flow and continue to see some more of the marginal people exit the business,” says Clay Womack, CEO of Santa Monica, Calif.-based Direct Capital Securities Inc.
As TIC properties continue to flood the market, the industry is clearly working to boost demand for its product. One goal is to bring more licensed broker/dealers to the table. Another option is to broaden the target client base.
So far, TICs have been fueled almost entirely by 1031 exchange investors. In 2002, the IRS issued guidance that qualified TICs as “like kind” properties eligible for use in 1031 tax-deferred exchanges. The ability to defer capital gains taxes has proved to be a huge draw. Yet other TIC attributes appear to be striking a chord with non-1031 investors.
One of the big incentives of a TIC structure is that it allows investors to buy a fractional ownership interest in higher-quality properties than what they could afford on their own. Investors also like TICs for the predictable income stream and low management responsibilities.
Initially, about 95% of the capital flowing into deals brokered by Direct Capital Securities came from 1031 exchanges. Now 15% to 20% of that equity is coming from cash investors, and Womack expects that percentage could rise as high as 40%. TICs appeal to older, more established investors who have built their wealth and are in the wealth-preservation stage.
Womack adds, “My prediction over the next two to three years is that if we continue to see quality TIC offerings and a price adjustment to where interest rates are, we will see even more cash investors.”
310 - 4th Ave S, Ste 1100
Minneapolis, MN 55415
Phone: 612.253.1031
Fax: 612.253.1145
Contacts: Dan Werry, Padma Chintapalli
1031 & TIC Investments, LLC, provides nationwide property for 1031 and 1033 exchange replacements, as well as for investors seeking to make new Real Estate Investments. Our properties are designed for investors looking to make a lifestyle change by avoiding day-to-day management.
1850 Mt Diablo Blvd, 5th Fl
Walnut Creek, CA 94596
Phone: 800.675.2424
Website: www.1031exchangeoptions.com
Contacts: Cary Losson, Founder & President; Mark Johanson, Executive VP - Client Services
1031 Exchange Options is a national real estate investment consultancy that helps clients acquire tenant-in-common (TIC) and triple net leased properties, through a 1031 exchange or direct investment. Headquartered in Walnut Creek, CA, 1031 Exchange Options has completed thousands of individual TIC transactions, representing billions of dollars of institutional-grade real estate. Securities offered through Sigma Financial Corporation, member NASD/SIPC.
5750 Sunrise Blvd Ste 220
Citrus Heights, CA 95610
Phone: 877.4AS.1031
Contact: W. Anthony Arnold, President and COO, [email protected]
Accredited Solution, LLC, founded by William Swayne and Joseph Spagnoli, is a full service, personal financial planning firm. We specialize in bringing clarity to the otherwise complex world of 1031 Tenant in Common Real Estate transactions. Our Clients are individual investors and the clients of other Registered Representatives who desire Accredited Solution to facilitate TIC transactions with their clients. We are a client-centric organization dedicated to fulfilling the financial goals of each and every constituent. More information: call 1-877-427-1031 or attend one or our information sessions.
Securities offered through Pacific West Securities, Inc. Member NASD, SIPC. Investment advice offered through Pacific West Financial Consultants, a registered investment advisor.
9011 Soquel Dr, Ste. 100
Aptos, CA 95003
Phone: 831.688.7700
Fax: 831.688.1779
Website: www.altainvestments.com
Contact: Toni Sutherland
Alta Investment Group was founded with the goal of assisting our clients in every aspect of their financial lives. We've provided the most comprehensive and personal service available, thus earning a reputation for excellence in our industry. For each of our clients we strive to help create financial stability and security to provide financial independence.
Securities offered through Pacific West Securities, Inc. Member NASD/SIPC
205 Avenida Fabricante
San Clemente, CA 92672
Phone: 877.366.1031
Fax: 949.481.6748
Website: www.argusrealty.com
Email: [email protected] [email protected]
Contacts: Tim Snodgrass, President; Todd Williams, Director of TIC Offerings
Since 2001, Argus Realty Investors, LP has acquired over $900 million of commercial real estate and has more than 8 million of commercial real estate and has more than 8 million SF under management. ARI offers investors the opportunity to participate in the ownership of institutional-grade commercial real estate, without the burden of individual property management through its Tenant-In-Common and private exchange programs and real estate investment funds. Our preferred property type is institutional-grade office and industrial properties in urban and suburban markets throughout the United States.
P.O. Box 18837
Spokane, WA 99228.
Phone: 509.467.1011
Email: [email protected]
Contact: David L. Baker
David L. Baker, CLU, CFP is a Real Estate Broker with 35+ years experience in the financial services industry. For a copy of “The 1031 TIC Exchange Strategy” on CD-ROM send $9.95 to Baker & Associates, LLC. Securities offered through Pacific West Securities, Inc member NASD/SIPC. One Renton Place, 555 S. Renton Village #700, Renton, WA 98055, 425.271.3550.
One prudential Plaza, 130 E Randolph Sr
Chicago, IL 60601
Phone: 312.861.7590
Fax: 312.861.2899
Website: www.bakernet.com
Email: [email protected]
Contact: Richard M. Lipton
Baker & McKenzie is the world's leading global law firm with a strong leadership in the TIC industry. We are a leader in providing legal services to TIC sponsors, including particularly tax, corporate and securities advice, and the preparation of offering materials for TIC private placements. Visit us at www.bakernet.com or call 312-861-7590 to learn more.
549 W. Randolph Street, Suite 700
Chicago, IL 60661
Phone: 312.207.0060
Fax: 312.207.1827
Website: www.beaconrealtycapital.com
Contact: Jim Ablan, Principal, 312.207.8233, [email protected]; Bill Johnson, Principal, 312.207.8234 [email protected]
Beacon Realty Capital, Inc., a Chicago-based commercial real estate financial services company, is among the nation's leading mortgage banking firms. Through our team's aggressive, thorough and creative approaches, we arrange debt and equity financing with various capital sources. Since 2002, we have arranged over 40 financings totaling in excess of $400,000,000.
8447 Wilshire Boulevard, Suite 100
Beverly Hills, CA 90211
Phone: 877.886.1031
Fax: 323.653.6233
Website: www.capharbor.com
Email: [email protected], [email protected]
Contact: Jim Shaw, President & CEO; Katie Jansen, Vice President, Client Development
CapHarbor is a brokerage company serving the needs of 1031 investors who are seeking passively managed replacement properties (Single-Tenant, NNN-Leased properties by the whole and tenant in Common (TIC) interests on a fractional basis for accredited invstors. Visit us at www.capharbor.com or call 877-886-1031 to learn more about our services
860 Osos St.
San Luis Obispo, CA 93401
Phone: 805.543.1031
Fax: 805.543.1038
Website: www.capwestsec.com
Email: [email protected]
Contact: Jeffrey S. Cederberg, Limited Registered Representative
CapWest Securities, Inc., established in 1992, is an independent, full-service brokerage firm with 72 licensed representatives and 11 branch offices nationwide. CapWest offers one of the finest selections of Tenant-In-Common replacement property inventories in the nation for your 1031 Exchange. Call us today to discuss your next investment opportunity.
1930 Harrison St., Suite 603
Hollywood, FL 33020
Phone: 866.405.1031
Website: www.1031alternatives.net
Contact: Grant Conness
Costa Financial Securities is a leading financial services firm, specializing in innovative tax- deferral strategies and 1031 Exchange replacement property solutions. Costa. Financial works in conjunction with owners of highly appreciated assets and their trusted advisors to develop a plan that will allow them to relinquish tax burdened assets more efficiently. To learn more please visit www.1031alternatives.net
30 South Wacker Drive, Suite 2750
Chicago, IL 60606
Phone: 312.879.7560
Fax 312.669.1300
Website: www.covingtonrealtypartners.com
Email: [email protected]
Contact: Marc Goldstein, President
Headquartered in Chicago, Covington Reality Partners acquires Class A retail and multifamily properties in primary and secondary markets nationwide. In the last 12 months, Covington has increased its portfolio by more than $178 million. With its current pipeline, that number is expected to reach $250 million by year end. For more information, please visit www.covingtonrealtypartners.com.
1550 South Tech Lane
Meridian, ID 83642
Phone: 800.678.9110
Website: www.dbsi.com
Contact: John Mayeron, Executive Vice President of Marketing and Product Development
DBSI Securities Corporation markets private offerings in real estate to independent broker-dealers and their registered reps, including 1031 exchanges/Tenant-in-Common (TIC) offerings, limited partnerships, debt offerings, and REITs. DBSI Securities is part of the DBSI Group of Companies (DBSI), which has served over 7,000 investors in 27 years. DBSI currently manages assets in 28 states valued at more than $1.6 billion.
1333 2nd Street, Suite 600
Santa Monica, CA 90401
Phone: 888.410.1031 toll-free
Fax: 310.395.4077
Website: www.1031Market.com www.1031EnergyMarket.com
Email: [email protected]
Conatct: Clay H. Womack, Chairman & CEO
As the original investment-banking firm in the TIC industry, Direct Capital Securities, Inc. helps Sponsors bring Real Estate and Energy Replacement Properties to market. We offer more than an industry introduction. We're an active, hands-on partner — from the initial structuring of a deal to the investors' exit, years down the road.
P.O. Box 219
548 Highway 155
St. Germain, WI 54558
Phone: 1.866.ELIASON
Website: www.e1031.com
Contact: David Eliason, President; Jay Grooters, Chief Operating Officer
For over 40 years Eliason has offered high-quality real estate investment opportunities. Eliason 1031 Properties carries on that tradition with attractive retail and multi-family residential properties via Tenant-In-Common ownership. Eliason's innovative double-layered Master Lease provides enhanced protection and improved cash flow stability. Eliason TIC interests are marketed exclusively through a broker-dealer network.
Direct Capital Securities, Inc.
1333 2nd Street, Suite 600
Santa Monica, CA 90401
Phone: 888.271.2500 toll-free
Website: www.1031EnergyMarket.com
Email: [email protected]
Conatct: Clay H. Womack, Chairman & CEO
Diversifying into energy can provide valuable rewards. Energy replacement properties can produce stable monthly cash flow, have the potential for higher rates of return than traditional TIC investments, are historically highly liquid and offer hands-off ownership. For more information on energy replacement property — including royalties and working interests — contact us today.
450 North Roxbury Dr., Suite #1050
Beverly Hills, CA 90210
Phone: 310.247.2291
Website: www.exchangepointproprties.com
Contact: Evan Farahnik, Principal
ExchangePoint Properties, LLC is a leading real estate investment firm that offers fractional real estate ownership interests to individual 1031 exchange investors, through a team of seasoned and experienced real estate professionals. With our industry leading infrastructure, systems and proprietary underwriting models, ExchangePoint and its affiliated entities have a phenomenal track record which extends for over 12 years, and has attracted Fortune 500 companies as investors and partners. From our home office in Southern California, ExchangePoint and its affiliated entities have completed transactions in excess of one billion dollars and manage a portfolio of over 5 Million square feet of office, multi-family and retail properties on behalf of institutional and private investors.
601 S. Figueroa Street, Suite 2050
Los Angeles, CA 90017
Phone: 213.572.0222
Website: www.fortproperties.com
Email: [email protected]
FORT Properties is consistent and predictable. Whether you're selling or investing in institutional quality real estate, FORT Properties is the Section 1031 exchange and TIC expert. Our extensive real estate experience ensures that we purchase the highest quality property and, as a pre-capitalized sponsor, we close on time. To learn more visit www.fortproperties.com.
The Flatiron Building,
175 Fifth Avenue, Suite 715,
New York, NY 10010
Phone: 800.644.7845
Website: www.gemini-re.com
Email: [email protected], [email protected]
Contact: Will Obeid, President, 212.871.6283; Stephanie DiFrisco, Director of National Accounts, 800-644.7845 ext. 121
Gemini Real Estate Advisors, LLC is a full service real estate company. Our principals come from distinguished backgrounds in acquisitions, development, property management, asset management, finance and brokerage. As one of the nation's leading sponsors of real estate investment programs, we have a proven track record of creating value for our investors.
3750 Wells Fargo Center
90 South Seventh Street
Minneapolis, MN 55402
Phone: 888.746.4039
Website: www.genevawealth.com
The Geneva Organization is a national real estate wealth management firm, focused on providing tenant-in-common investment opportunities to sophisticated, high-net worth individuals and 1031 motivated investors. To learn more about Geneva's services and their unique Private Letter Ruling visit www.genevawealth.com.
10250 Constellation Blvd., Suite 2700
Los Angeles, CA 90067
Phone: 310.557.8336
Fax: 310.557.1276
Website: www.gspartners.com
Contact: Steve Bram, Principal/Senior Director; David Pascale, Jr., Vice President
GSP is a Los Angeles based mortgage brokerage company specializing in unique and creative financing structures. GSP arranged 275 loans totaling $3.6 billion in 2005, including dozens of TIC financings. We get you the lowest rate, the most money and the best terms available - and close the loans for you.
2121 Rosecrans Avenue, Suite 3321
El Segundo, CA 90245
Phone: 310.606.5900
Fax: 310.606.5910
Website: www.griffincapital.com
Email: [email protected]
Contact: David C. Rupert, Chief Operating Officer, 203.550.1469; Michael J. Escalante, Chief Investment Officer
Griffin Capital is one of the nation's leading sponsors of tenant-in-common real estate investment opportunities. Led by senior executives with more than two decades of real estate experience collectively encompassing over $9.0 billion of transaction value and more than 350 transactions, Griffin Capital has acquired or constructed approximately eight million square feet of space since 1996. The firm's current portfolio includes 32 assets, approximating 7 million square feet of space, located in 12 states. Additional information is available at www.griffincapital.com.
10800 Midlothian Tpke, Ste 309
Richmond, VA 23235
Phone: 804.594.3550 or 877-MY-IPofA
Fax: 804.594.3556
Website: www.ipofa.com
Contacts: Kim S. Watts; B. Fisher Paty
Investment Properties of America, LLC is an exciting and diversified real estate investment and management company. IPofA acquires, develops, and manages properties leasing primarily to major national and regional retailers under net leases. IPofA offers qualified investors, ownership in institutional properties through tenant in common and LLC ownership structures.
Phone: 888.771.1031 toll free
Website: www.ipx1031.com
Email: [email protected], [email protected]
Contact: Radah Butler, President; John King, Senior Vice President
IPX1031, the nation's leading Qualified Intermediary for §1031 exchanges, specializes in every type of exchange transaction and provides quality services through its nationwide network of over 44 regional offices, a third party guarantee of funds, $100 million bond, and its specialized exchange divisions for reverse and improvement exchanges and mass asset program exchanges. Contact us at 888-771-1031 or visit us at www.ipx1031.com to find the nearest IPX1031 location.
101 Gateway Centre Pkwy
Richmond, VA 23235
Phone: 866.442.3011
Fax: 804.267.8851
Website: www.landam.com/commercial
Contact: Michelle A. Shaw, VP - Maketing Director
We have the national coverage, knowledge, and cumulative experience to give fast, accurate, and complete results. Our experts are familiar with every facet of TIC transactions as well as Delaware Statutory Trusts (DST) and the 1031 Exchange. We work closely with our customers to analyze closing scenarios in order to maximize opportunities and minimize expenses. To learn more about LandAmerica's TIC services visit www.landam.com/commercial.
5550 Bates Street
Seminole, FL 33772
Phone: 866.891.1031 toll free
Fax: 347.296.3660
Website: www.ticbook.com, www.tic-investments.org, www.LegacyNNN.com
Email: [email protected]
Contact: Kathy Heshelow, President
Kathy Heshelow has authored the first and only book about TICs, “Effortless Cash Flow: the ABC's of TICs (Tenant in Common Properties).” She focuses on passive income properties for investors across the US, who are often in a 1031 exchange. She is President of a commercial real estate firm and has experience in all types of commercial property assets. www.tic-investments.org or www.ticbook.com. Toll free 866-891-1031 to learn more.
1601 Belvedere Rd., Suite 200E
West Palm Beach, FL 33406
Phone: 866.860.1031 toll free; 561.283.0900
Fax: 561.828.5985
Contact: Michael M. Cabot
Mariner Asset Management, LLC is a privately owned real estate investment and management firm headquartered in South Florida. The company specializes in the acquisition, financing and ownership of institutional quality commercial real estate in select metropolitan areas of the United States. The principals of Mariner are seasoned real estate professionals with more than $1 billion of institutional transaction experience inclusive of $260 million with the TIC structure.
325 Fifth Ave, Ste 202
Indialantic, FL 32903
Phone: 321.956.2000 x204
Fax: 321.956.1199
Website: www.meridian1031.com
Email: [email protected]
Contact: Margustin “Tintin” Born
- Sponsor of Tenants in Common Investment Opportunities
- Over $11 billion of equity raised for tax-advantaged transactions since 1981.
- For more information on MRI, please contact Dawn Myers at [email protected].
- We invite you to visit us at www.meridian1031.com or call us toll free at (866) MRI-1031.
PO Box 860
Renton, WA 98057
Phone: 888.236.7979
Fax: 425.255.8567
Contacts: Tony Pizelo, President & CEO; Shanon Ford, Vice President
Established in 1972, Pacific West Securities, Inc. is an independent, nationwide broker-dealer offering a full range of investment products and services. We are dedicated to supporting tenant in common investments through strong due diligence, active industry involvement and a commitment to leading with integrity. For more information on how Pacific West can support you in the TIC arena please call Tony Pizelo at 1-888-236-7979.
Disclosures: PACIFIC WEST SECURITIES, INC., MEMBER NASD/SIPC; PACIFIC WEST FINANCIAL GROUP, INC.,
Registered Investment Advisor
96 Corporate Park, Suite 200
Irvine, CA 92606
Phone: 949.442.1000
Fax: 949.442.2465
Website: www.passco.net
Contact: William H. Winn, President
PASSCO Companies, LLC acquires and manages a broad range of income-producing properties including neighborhood and community retail centers, regional malls, multi-family, and multi-tenant industrial business parks. The company's property portfolio has grown to more than 8,400,000 square feet, and continues to grow at an accelerating rate.
777 E Speer Blvd
Denver, CO 80203
Phone: 303.865.7488
Website: www.sage1031.com
Contact: Gary Ruhl
As a sponsor of multifamily TIC offerings, Sagebrush Realty Holdings LLC is part of The Sagebrush Companies, a full service commercial real estate investment company. Specializing in domestic and international multi-family residential, hospitality, and commercial development, Sagebrush has been offering investors appreciable market value & strong returns for 12 years.
11620 Wilshire Blvd., Suite 300
Los Angeles, CA 90025
Phone: 310.470.2600
Website: www.sciproperties.com
Contacts: Adam Bryan, Senior Vice President & Corporate Sales Director
310.470.2600 ×130; Scott Derrick, Acquisitions 310.470.2600 ×128
Founded in 1994, SCI Real Estate Investments, LLC is a Real Estate Principal with a portfolio valued at over $1 billion of closed fractional-deed real estate. SCI buys Class-A, Institutional-Quality properties nationwide and, working exclusively with Licensed Real Estate Professionals, sells co-ownership real estate interests to accredited buyers.
12426 West Explorer Drive, Suite 220
Boise, ID 83713
Phone: 866.587.7328
Website: www.spectrusgroup.com
Contact: Gary Bringhurst, President and CEO
Based in Boise, ID, Spectrus Real Estate Group/FOR 1031 is a leading provider of quality, diversified real estate investments. The company offers multiple options including replacement properties for 1031 Exchanges, the FOR 1031 NNN PLUS® lease, TIC property ownership, undeveloped land, whole properties, Pro PLUS(tm) (proforma) properties, and ground leases.
11235 SE 6th St, Ste 230
Bellevue, WA 98004
Phone: 425.274.8557
Fax: 425.274.8559
Website: www.westernamerica.com
Email: [email protected] [email protected]
Contact: Tristan O'Neil VP, Investment Services; Jim Clark, President
Western America Equities LLC is a privately-owned real estate investment and operating company. Headquartered in Bellevue, Washington, the company operates healthcare properties, shopping centers, office buildings, industrial business parks and other property types in the western United States. Western America Equities LLC is a founding member of the Tenant-In-Common Association.
| COMPANY | STATE | TYPE |
|---|---|---|
| 1031 & TIC Investments | MN | Registered Rep |
| 1031 Advance, Inc. | CA | Qualified Intermediary |
| 1031 Adviser, Inc. | UT | Registered Rep |
| 1031 Advisors USA | CA | Registered Rep |
| 1031 Exchange Alternatives | MI | Registered Rep |
| 1031 Exchange Options | CA | Registered Rep |
| 1031 Exchange Strategies, Inc. | CA | Registered Rep |
| 1031 Focus | CA | Real Estate Broker |
| 1031 Group | CA | Registered Rep |
| 1031 Investment Solutions, LLC | MA | Registered Rep |
| 1031 Investment Strategies, Inc. | PA | Real Estate Broker |
| 1031 Property Group | SC | Registered Rep |
| 1031 Property Watch | UT | Registered Rep |
| 1031 Real Estate Investing | CA | Registered Rep |
| 1031 Strategies | NJ | Registered Rep |
| 1031 TaxSavings.com | OR | Registered Rep |
| 1031 Wealth Group | NJ | Registered Rep |
| A. J. Papale | FL | Registered Rep |
| Acquisition Search Services, Inc. | FL | Real Estate Broker |
| Advisory Group Equity Services, Ltd. | MA | Registered Rep |
| AFA Financial Group, LLC | CA | Broker Dealer |
| Affinity Real Solutions — Omni Brokerage | CA | Registered Rep |
| Akerman, Senterfitt | FL | Law Firm |
| Alan W. Legatz, CPA | FL | Real Estate Broker |
| Alexander Partners | CA | Registered Rep |
| Alliance Commercial Properties | NC | Real Estate Broker |
| Alpha Omega Group, Inc. | VA | Registered Rep |
| Alschuler Grossman Stein & Kahan, LLP | CA | Law Firm |
| Alta Investment Group | CA | Registered Rep |
| American Capital Group | WA | Sponsor |
| American Express Financial Advisors | VA | Broker Dealer |
| American Realty Capital Markets, LLC | VA | Broker Dealer |
| AMPC | IL | Registered Rep |
| Anders 1031 TIC Real Estate | CA | Registered Rep |
| Anderson Financial Services | OR | Registered Rep |
| Andover Buyers Broker, Inc. | MA | Real Estate Broker |
| Andrew Stuart Asset Management Group, Inc | FL | Registered Rep |
| AndruEds Group, Inc. | FL | Real Estate Broker |
| APB WealthCare Advisors, LLP | GA | Registered Rep |
| Arent Fox, PLLC | DC | Law Firm |
| Argus Realty Investors, LP | CA | Sponsor/Wholesaler |
| Arnold & Porter, LLP | DC | Law Firm |
| Ashforth Paradigm Capital Advisors | MA | Sponsor/Wholesaler |
| Aspire Financial | CA | Registered Rep |
| B&H Real Estate Holding, LLC | CA | Sponsor |
| Baker & Associates | WA | Registered Rep |
| Baker & Hostetler LLP | OH | Law Firm |
| Baker & McKenzie LLP | IL | Law Firm |
| Bank of America | NC | Lender/R. E. Services |
| Barkume & Associates Wealth Management | UT | Registered Rep |
| Barry J. Bass Real Estate, LLC | IL | Real Estate Broker |
| Bax Investment Group | NV | Registered Rep |
| Bayview Financial Exchange Services | FL | Qualified Intermediary |
| Beacon Realty Capital, Inc. | IL | Mortgage Broker |
| Bear, Stearns & Co., Inc. | NY | Real Estate Services |
| Behringer Harvard | TX | Sponsor/Wholesaler |
| Beltz Real Estate | MN | Real Estate Broker/RRep |
| Berthel Fisher & CO. | IA | Broker Dealer |
| Blue Oak Wealth Management | SC | Registered Rep |
| Bonaventure Realty Group, LLC | VA | Sponsor |
| Breen Financial Management, Inc. | FL | Registered Rep |
| Brian J. Dundon & Associates | VA | Registered Rep |
| Brookstreet Securities Corporation | CA | Broker Dealer |
| Brown Realty Advisors | GA | Real Estate Broker |
| Brown Rudnick Berlack Israels, LLP | RI | Law Firm |
| Buttonwood Investment Services | UT | Registered Rep |
| Cabot Investments Properties | MA | Sponsor/Wholesaler |
| Cairncross & Hempelmann | WA | Attorney |
| Calton & Associates | FL | Registered Rep |
| Cap Harbor | CA | Registered Rep |
| Capital Assets Planners, LLC | CA | Registered Rep |
| Capital Concepts Group | NV | Registered Rep |
| Capital Financial Services | CA | Registered Rep |
| Capital Growth Inc./IFG | CA | Registered Rep |
| Capstone Financial Group, Inc. | MN | Broker Dealer |
| CapWest Securities, Inc. | CO | Broker Dealer |
| Carey Realty Investments | OH | Sponsor |
| Carlsberg Management Company | CA | Real Estate Broker |
| Carlton Advisory Services, Inc. | NY | Mortgage Broker |
| Casey Partners, Ltd. | CO | Real Estate Broker |
| Cassin Cassin & Joseph LLP | NY | Law Firm |
| CBRE Melody & Company | TX | Mortgage Broker |
| Centaurus Financial, Inc. | CA | Registered Rep |
| Cherry Creek Partners, LLC | CO | Registered Rep |
| Chicago Title | IL | Qualified Intermediary |
| Chris Goslin & Associates | FL | Registered Rep |
| Clearview Wealth Management | WA | Registered Rep |
| Codding Commercial | CA | Registered Rep |
| Cohen Financial | CA | Real Estate Broker |
| Cole Capital | AZ | Sponsor |
| Collage | CA | Real Estate Services |
| Colliers Turley Martin Tucker | OH | Real Estate Broker |
| Column Financial, Inc. | GA | Lender |
| Commercial Realty Consultants | CA | Mortgage Broker |
| Compass Investments & 1031 Exchange | MA | Registered Rep |
| Concorde Exchange Group | MI | Registered Rep |
| Congdon-Jeffers Group | CA | Registered Rep |
| Connolly Bove Lodge & Huz LLP | DE | Law Firm |
| CORE Realty Holdings, LLC | CA | Sponsor/Wholesaler |
| Cornerstone Exchange Services | CA | Registered Rep |
| Costa Financial Securities | FL | Broker Dealer |
| Cottonwood Capital, LLC | UT | Sponsor |
| Courtland Securities Corp. | CA | Broker Dealer |
| Covington Realty | IL | Sponsor |
| Crawford Financial | VA | Registered Rep |
| Creekstone Partners, LLC | TX | Sponsor |
| CSC Trust Company of Delaware | DE | Financial Services |
| Daniel Mennemeyer Agency, Inc. | IL | Registered Rep |
| David K. Bedke | CA | Registered Rep |
| David Rachford, CPA-PFS | CA | Registered Rep |
| Davis Financial Advisors | CA | Registered Rep |
| DBSI Group of Companies | ID | Sponsor/Wholesaler |
| Deloitte | CA | Consultants |
| Denis Wong & Assoc. | HI | Registered Rep |
| DeSanto Realty Group | PA | Sponsor |
| Direct Capital Securities, Inc. | CA | Broker Dealer |
| Diversified Builder Services | CA | Lender |
| Diversified Wealth Builders | CA | Registered Rep |
| Dividend Capital | CO | Sponsor/Wholesaler |
| Doug Michie | CA | Real Estate Broker |
| Down to Earth Real Estate | CA | Real Estate Broker |
| East Coast Realty Ventures, LLC | MD | Sponsor |
| Eliason 1031 Properties Corp. | WI | Sponsor/Wholesaler |
| Ellen Erenstein & Assoc. | FL | Registered Rep |
| Emerson Equity | CA | Broker Dealer |
| Empire Securities | CA | Broker Dealer |
| Envisioning Financial, Inc. | IN | Registered Rep |
| Envoy Capital Partners | CA | Registered Rep |
| EPlanning Securities, Inc. | CA | Broker Dealer |
| Equitable Companies, LLC | CA | Sponsor |
| Equity Advisors, LLC | CA | Registered Rep |
| Equity Services, Inc. | CA | Registered Rep |
| Evergreen Realty Group, LLC | CA | Sponsor |
| ExchangePoint Properties, LLC | CA | Sponsor |
| Exclusive 1031 Options | CA | Registered Rep |
| Faris Lee Investments | CA | Real Estate Broker |
| Fidelity National Title Insurance Co | CO | Title Insurance |
| Filippini Financial Group, Inc. | CA | Registered Rep |
| Financial Designs, Ltd. | CA | Registered Rep |
| Financial Exchange Corp.-1031FEC | IA | Real Estate Broker |
| Financial Group of Central Minnesota | MN | Registered Rep |
| Financial Services Network | CA | Registered Rep |
| Financial West Group | CA | Broker Dealer |
| First Allied Securities | CA | Registered Rep |
| First American Exchange | UT | Qualified Intermediary |
| First Bank of Beverly Hills | CA | Lender |
| First Colony Capital | NC | Real Estate Broker |
| First Financial Equity Corp. | AZ | Broker Dealer |
| First Guardian Group, LLC | CA | Sponsor |
| FirstWest Group, Inc. | OR | Real Estate Broker |
| FLA1031, LLC | FL | Registered Rep |
| Focus Realty Advisors Inc. | TX | Real Estate Broker |
| Foley & Lardner LLP | MA | Law Firm |
| FOR 1031/Spectrus Real Estate Group | ID | Sponsor/Wholesaler |
| FORT Properties, Inc. | CA | Sponsor/Wholesaler |
| Fortress Wealth Management | NJ | Registered Rep |
| Franklin 1031 Investments, L.L.C | IL | Sponsor |
| Freedman Consulting | PA | Registered Rep |
| Gary M. Bowman CFP | CA | Registered Rep |
| Gemini Real Estate Advisors, LLC | NY | Sponsor/Wholesaler |
| Global Planning, Inc. | CO | Registered Rep |
| Goldberg, Kohn, Bell, Black, Rosenbloom & Moritz, Ltd. | IL | Law Firm |
| Golf World Enterprises, LLC | GA | Real Estate Broker |
| Grand Peaks 1031 Properties | CO | Sponsor |
| Granite Investment Group, Inc. | CA | Sponsor |
| Great Lakes Trust Co. | IL | Registered Rep |
| Greenberg Traurig, LLP | AZ | Attorney |
| Griffin Capital Corp. | CA | Sponsor/Wholesaler |
| Grubb & Ellis | MI | Real Estate Broker |
| GunnAllen Financial | FL | Broker Dealer |
| H&R Block Financial Advisors | MI | Broker/Dealer |
| Hankinson Financial Advisors, Inc. | FL | Registered Rep |
| Harbor Capital Group | TX | Mortgage Broker |
| Harbor Financial | MT | Registered Rep |
| Heartland Investment | IL | Registered Rep |
| Herick Asset Management | CO | Registered Rep |
| Hilton Financial Services | WA | Registered Rep |
| Hirschler Fleischer | VA | Law Firm |
| Hoctor Kaplan, LLC — Attorneys at Law | VA | Law Firm |
| Hodges Ward Elliot | GA | Real Estate Broker |
| Hoyt Properties, Inc. | MN | Real Estate Broker |
| Huff Metro Office | OH | Real Estate Broker |
| Independent Financial Group LLC | CA | Broker Dealer |
| Inland Real Estate Exchange Corp. | IL | Sponsor/Wholesaler |
| Integrated Total Solutions, Inc. | FL | Real Estate Broker |
| Internacional Realty Advisor | TX | Sponsor/Wholesaler |
| Invest Financial Corp. | FL | Registered Rep |
| Investment Capital Group, LLC | CO | Registered Rep |
| Investment Properties of America | VA | Sponsor/Wholesaler |
| Investment Property Advisors | IL | Registered Rep |
| Investment Property Exchange Services Inc | CA | Qualified Intermediary |
| Investment Services | IN | Registered Rep |
| Investor Solutions, Inc. | WA | Registered Rep |
| IPX 1031 | CA | Qualified Intermediary |
| Investors Capital | CA | Registered Rep |
| J.K. Financial Services, Inc. | CA | Registered Rep |
| Jack F. Ward Co. | CA | Real Estate Broker |
| Jason K. Adams | GA | Registered Rep |
| Jenner & Block LLP | IL | Law Firm |
| John Crockett and Associates | WA | Registered Rep |
| JP Group Financial | IL | Registered Rep |
| JP Morgan Mortgage Capital | TX | Lender |
| JRW Investments | CA | Registered Rep |
| Kathy Heshelow | FL | Registered Rep |
| KBS Capital Markets Group | CA | Sponsor |
| KCM Capital Management, Inc. | CA | Registered Rep |
| Kelly Accounting & 1031 Exchange Svcs. | MT | Registered Rep |
| Kendrick Financial Services | GA | Registered Rep |
| KMS Financial Services | OR | Registered Rep |
| Kodiak Capital Partners L.L.C. | TX | Sponsor/Wholesaler |
| Krieger-Campbell, Inc. | CA | Broker Dealer |
| Kutak Rock LLP | NE | Law Firm |
| L.K. Allen, Inc. | NJ | Real Estate Broker |
| Lambert Investment Co., LLC | VA | Registered Rep |
| Lamont Financial Services | CA | Registered Rep |
| LandAmerica Commercial Services | VA | Qualified Intermediary/Due Dil. |
| Lantrust Securities, Inc. | OH | Registered Rep |
| Larry H. Nebel | CA | Registered Rep |
| LaSalle Bank NA | IL | Lender |
| Latitude, Inc. | CA | Real Estate Broker |
| Lehigh Financial Services | NV | Registered Rep |
| Leonard, Street and Deinard | MN | Law Firm |
| Les V. Anderton Financial Services | UT | Registered Rep |
| Levenfeld Pearlstein, LLC | IL | Law Firm |
| Liberty Group LLC | CA | Broker Dealer |
| Lighthouse Capital Corp. | CA | Broker Dealer |
| Lincoln Capital Group, LLC | TX | Real Estate Services |
| Lincoln Financial Advisors | UT | Registered Rep |
| Loan Star Financial Services, LLC | MN | Registered Rep |
| Loanstar Commercial | TX | Real Estate Broker |
| LPL Financial Service | CA | Broker Dealer |
| Luce, Forward, Hamilton & Scripps LLP | CA | Law Firm |
| Ludwig Financial Group | MN | Registered Rep |
| M.A. Hill, Brokers | DC | Registered Rep |
| Madison Capital Management | CA | Lender |
| Magellan Investments | CA | Real Estate Broker |
| Mammoth Equities Capital Group, Inc. | CA | Sponsor/Wholesaler |
| Mannon Oil, LLC | IN | Sponsor |
| MAP-Miguel A. Palma | CA | Registered Rep |
| Marcus & Millichap | CO | Real Estate Broker |
| Mariner Asset Management | FL | Sponsor |
| Mastrogiovanni, Schorsch & Mersky, P.C. | TX | Law Firm |
| MCL Financial Group, Inc. | CO | Broker Dealer |
| Melissa J. Fox, Esq. | CA | Real Estate Broker |
| Mellon 1st Business Bank | CA | Lender |
| Meridian Capital Partners | MA | Sponsor/Wholesaler |
| Meridian Realty Advisors, LLC | TX | Sponsor |
| Meridian Realty Investments, LLC | FL | Sponsor |
| Messerli & Kramer P. A. | MN | Law Firm |
| Metropolitan Healthcare Properties, LLC | AZ | Sponsor |
| Metzger & Sons | NY | Real Estate Broker |
| Michael Hsu & Assoc., Broker | CA | Real Estate Broker |
| Michael L. Green | WI | Real Estate Broker |
| Michael Millen | CA | Registered Rep |
| Mick & Associates, P.C. LLO | NE | Law Firm |
| Midpoint Financial Services | CA | Registered Rep |
| Miterko | CA | Due Diligence |
| Moneymallusa Corp. | CA | Registered Rep |
| Moody National Companies | TX | Sponsor/Wholesaler |
| Moore Financial Services, Inc. | CA | Registered Rep |
| Morris, Manning & Martin LLP | GA | Registered Rep |
| Mr. Channelside Real Estate Services | FL | Real Estate Broker |
| Mueller Investments, Inc. | ID | Real Estate Broker |
| Nagle Danley Real Estate Advisors, Inc. | CA | Real Estate Broker |
| Namco Financial Exchange, Inc. | CA | Qualified Intermediary |
| Nashbar Wealth Services, LLC | FL | Registered Rep |
| National Exchange Advisors, LLC | CA | Sponsor |
| National Planning Holdings | CO | Broker Dealer |
| Navigar Advisors, Inc. | FL | Registered Rep |
| Net Equity Associates | CA | Registered Rep |
| Net Lease Capital Advisors | NH | Real Estate Services |
| Newcomb and Company | MA | Real Estate Broker |
| Noble Asset Management Co. | ID | Registered Rep |
| Noble Royalties, Inc. | TX | Sponsor/Wholesaler |
| Nomax Capital | CA | Real Estate Broker |
| North Star Investment Services, Inc. | IL | Registered Rep |
| Northern Lake Properties | OH | Real Estate Broker |
| Notman 1031 Exchange Group | CA | Registered Rep |
| NPV/Direct Invest | MA | Sponsor/Wholesaler |
| NXT Realty Group Ltd. | IL | Real Estate Broker |
| Old Dominion Financial Advisors Ltd. | VA | Registered Rep |
| OMNI Brokerage | UT | Registered Rep |
| ORIX Real Estate Capital | IL | Sponsor/Wholesaler |
| Pacific West Financial Group | ID | Registered Rep |
| Pacific West Securities | WA | Broker Dealer |
| Parthenon Realty 1031 Investors, LLC | GA | Sponsor/Wholesaler |
| PASSCO Companies, LLC | CA | Sponsor/Wholesaler |
| Pence Wealth Management | CA | Registered Rep |
| Pepper Hamilton LLP | MI | Law Firm |
| Peracon, Inc. | VA | Real Estate Services |
| Plotkin Financial Advisors Alliance, Inc. | MD | Registered Rep |
| Portfolio Advisors Alliance, Inc. | CA | Registered Rep |
| Portola Financial | CA | Registered Rep |
| Powell Goldstein LLP | GA | Law Firm |
| Preferred Financial Strategies, Inc. | CA | Registered Rep |
| Presidio Exchange Advisors | CA | Registered Rep |
| Principal Equity Management | TX | Sponsor/Wholesaler |
| Private Equity Group | CA | Registered Rep |
| ProEquities Inc. | AL | Broker Dealer |
| Professional Investment Advisors Inc. | NY | Registered Rep |
| PropPoint | CA | Registered Rep |
| Q10 Kinghorn, Driver, Hough & Co. | TX | Lender |
| Questar Capital Corp. | CA | Broker Dealer |
| Rainier Capital Management, LP | TX | Sponsor/Wholesaler |
| Real Estate Partners, Inc. | CA | Sponsor |
| Real Source Brokerage Services | UT | Real Estate Broker |
| Rear View Mirror Holdings, Inc. | CA | Real Estate Broker |
| Reef Oil & Gas Partners | TX | Sponsor/Wholesaler |
| Regent Capital Group | CA | Broker Dealer |
| Regent Land & Investments, LLC | FL | Real Estate Broker |
| Resource Real Estate, Inc. | PA | Sponsor |
| Richard E. Woollen | NC | Registered Rep |
| Rick Ahmann | MT | Registered Rep |
| RK Properties | CA | Sponsor |
| RLT Financial Management | FL | Registered Rep |
| RMI Investment Services L.L.C. | NV | Registered Rep |
| Robert A. Stanger & Co., Inc. | NJ | Broker Dealer |
| Robert Faust Mortgage Company | TX | Real Estate Broker |
| Robert L. Katzman, Esq. | NY | Real Estate Broker |
| Roberts Firm | CA | Law Firm |
| Roebling Investment Company | NJ | Real Estate Broker |
| Ron D Birnbaum, The Financial Consultants | MA | Registered Rep |
| Royal American Financial Advisors | CA | Registered Rep |
| Royal Securities Co. | MI | Registered Rep |
| RVM Associates | CA | Real Estate Broker |
| Sabre Syndication Services | CA | Sponsor/Wholesaler |
| Sagebrush Realty Holdings LLC | CO | Sponsor |
| Samp Financial, Inc. | SD | Registered Rep |
| Scheer Partners Investments | MD | Real Estate Broker |
| Schindler Financial Group | CA | Registered Rep |
| SCI Real Estate Investments, LLC | CA | Sponsor/Wholesaler |
| Scott Rohrman | TX | Real Estate Broker |
| Senior Capital, LLC | FL | Sponsor |
| Senior Financial Services | FL | Registered Rep |
| Sequoia Real Estate Holdings, L.P. | CO | Sponsor/Wholesaler |
| Sigma Financial | MI | Broker Dealer |
| Silver Oak | MN | Real Estate Broker |
| Snyder Kearney LLC | MD | Law Firm |
| Sonnenschein Nath & Rosenthal LLP | IL | Law Firm |
| Sonny Todd Real Estate | MT | Registered Rep |
| SourceNet Financial | MA | Real Estate Broker |
| Spagnoli Financial Group | CA | Registered Rep |
| Spartan Realty Inc. | CA | Real Estate Broker |
| Sperry Van Ness | AZ | Broker |
| SRS Investments, LLC | FL | Sponsor |
| Standard & Poor's | NY | Real Estate Services |
| Stark Investments | IL | Real Estate Broker |
| Steelhead Capital, Inc. | CA | Real Estate Broker |
| Sterilex, Inc. | CA | Real Estate Broker |
| Sterling Wealth Management, Inc. | WA | Registered Rep |
| Steven Hutek | FL | Registered Rep |
| Steven L. Falk & Associates | NV | Broker Dealer |
| Steven L. Nartker | CA | Registered Rep |
| Striker Petroleum, LLC | TX | Sponsor/Wholesaler |
| Sullivan & Worcester, LLP | MA | Law Firm |
| Summit Capital Group, Progressive Mortg | PA | Real Estate Broker |
| Sunset Financial Service, Inc. | CA | Registered Rep |
| T.R. Winston & Company | NJ | Broker Dealer |
| Tax Reduction and Investment Strategies | CA | Registered Rep |
| Tenants in Common Realty | CO | Registered Rep |
| Terra Capital Properties | NY | Registered Rep |
| The 1031 Investment Source | CA | Registered Rep |
| The 1031 TIC Solution | CA | Registered Rep |
| The Dewey Group | CA | Real Estate Broker |
| The Geneva Organization | MN | Sponsor/Wholesaler |
| The Main Street Group | VA | Registered Rep |
| The Marlin Group | CA | Real Estate Broker |
| The Pohoriles Company | CA | Real Estate Broker |
| The Sherer Group | CA | Registered Rep |
| Thompson & Knight LLP | TX | Law Firm |
| TIC Advisors | MN | Real Estate Services |
| TIC Investments, Inc. | FL | Registered Rep |
| TIC Properties, LLC | SC | Sponsor/Wholesaler |
| TIC Specialists, Inc. | CA | Registered Rep |
| Tim Couch PC CPA | GA | Registered Rep |
| Tim McCrary | CA | Real Estate Broker |
| Time Value Property Exchange | MA | Qualified Intermediary |
| TM 1031 Exchange | CA | Registered Rep |
| TransUnion Exchange Corp. | CA | Qualified Intermediary |
| Transwestern Commercial Services | CO | Real Estate Broker |
| Trinity Partners | NE | Real Estate Broker |
| Triple Net Properties, LLC | CA | Sponsor/Wholesaler |
| Triplenet Investment Exchange Inc. | CA | Registered Rep |
| Triton 1031 | CA | Registered Rep |
| Triumph Mortgage, Inc. | CA | Real Estate Broker |
| Troast Realty Services, Inc. | NJ | Real Estate Broker |
| Trowbridge and Associates | CA | Real Estate Broker |
| Tryon Equities | OR | Registered Rep |
| Tryon Equities | NM | Registered Rep |
| TSG Real Estate, LLC | IL | Sponsor/Wholesaler |
| Turner Financial Group | CA | Registered Rep |
| Tweed Financial Services | CA | Registered Rep |
| U. S. Advisors, LLC | CA | Sponsor/Wholesaler |
| U.S. Energy Development Corporation | NY | Registered Rep |
| Union Bank of California | CA | Financial Services |
| United Capital, LLC | MO | Lender |
| United Securities Alliance, Inc. | CA | Broker Dealer |
| Uniwest 1031, Inc. | VA | Real Estate Broker |
| Upland Real Estate Group, Inc. | MN | Real Estate Services |
| VSR Financial Services, Inc. | KS | Broker Dealer |
| Wachovia Securities, Inc. | NC | Lender/R.E. Services |
| Wangard Advisors, LLC | WI | Sponsor/Wholesaler |
| Wealth Exchange Solutions | MA | Registered Rep |
| Wealth Management Group, LLC | CA | Registered Rep |
| Welton Street Investments LLC | CO | Broker Dealer |
| West Advisors, LLC | MT | Registered Rep |
| West Valley Properties | CA | Real Estate Broker |
| Western America Equities LLC | WA | Sponsor/Wholesaler |
| Western Equities | OR | Registered Rep |
| Western Reserve Partners L.L.C. | OH | Registered Rep |
| White Pacific Securities | CA | Broker Dealer |
| Wildwood Wealth Management | MN | Registered Rep |
| William B. Moore | IL | Real Estate Broker |
| William R. Reinhardt | CA | Real Estate Broker |
| Willis S. Cole III | WA | Registered Rep |
| Wilshire Holdings LLC | CA | Real Estate Services |
| WMS Financial Planners, Inc. | WA | Registered Rep |
| Wolf Capital LLC | IL | Broker Dealer |
| Woods & Loeb | CA | Registered Rep |
| Worldwide Wealth Management | NY | Registered Rep |
| WWW.1031Replace.com | FL | Registered Rep |
| Yegen Financial Group Ltd. | MD | Registered Rep |
| ZenhanceFinancial.Com | CA | Registered Rep |
| Zink Realty Advisors | OR | Real Estate Broker |
