LOS ANGELES, CA - September 25, 2003 - PRNewswire
CB Richard Ellis Investors has announced that it has successfully completed its first Tenancy-in-Common ('TIC') offering known as the 1031FORT(R). Valued at $73.5 million and primarily targeting 1031 exchangers, this is one of the largest offerings of Tenancy-in-Common real estate interests to date, and CB Richard Ellis Investors is planning to announce the availability of additional Tenancy-in-Common offerings. The success of these new offerings is apparent as many competitors have now announced similar Tenancy-in-Common products.
CBRE Investors was recently awarded U.S. Patent No. 6,292,788, entitled Methods and Investment Instruments For Performing Tax-Deferred Real Estate Exchanges. The patent covers a new approach to creating a Tenancy-in-Common real estate interest that can be used in a section 1031 real estate exchange. CBRE Investors has also applied for additional patents in this same area. Industry watch dogs and the investment banking community are closely monitoring the industry to see how CBRE Investors moves forward armed with this patent.
CBRE Investors has retained the law firm of Snell & Wilmer as patent, licensing and litigation counsel, a move which brings substantial firepower to future patent enforcement actions. Snell & Wilmer also represents CBRE Investors in tax matters as they pertain to the 1031FORT(R) product.
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Thursday, September 25, 2003
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