(To read more on the TIC market, click here.)
GRAND PRAIRIE, TX-The Irvine, CA-based Passco Cos. LLC has takenits first deed in a $100-million-plus shopping spree planned forthe next nine to 12 months in North Texas. The first to fall intothe tenants-in-common group's hands is the 436-unit Towns ofRiverside, a 55-acre, golf course-fronting development offInterstate 360.
Gary Goodman, Passco's senior vice president, tells GlobeSt.comthat the all-cash buy is the first, but there's another class Aclosing for a 300-unit complex planned for September in Dallas. TheTowns of Riverside, like others that will follow, has hit the TICmarket, with the deal already 90% committed. "We're likely to do itwith less than 35 investors," he says.
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