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Volume 4 - Number 10 | May 16, 2006
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Top Story: TIC Industry Scare Raises Concerns for Broader 1031 Market
By Michelle Napoli
Potential imminent disaster for the tenants-in-common investment business was averted in recent weeks. But a proposal floated in the behind-closed-doors Congressional budget reconciliation process that would have prohibited TICs from qualifying for 1031 tax-deferral treatment has some in broader exchange and net lease property circles asking whether one potential limitation on exchanges could lead to even more down the road.
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ShopKo Deal Boosts Spirit Finance Portfolio 50%
By Michelle Napoli
In its largest single transaction yet, Spirit Finance Corp. will boost its current portfolio’s dollar value by roughly 50% with the acquisition of 112 ShopKo properties and 66 Pamida properties. The deal, expected to close by the end of June, has the REIT paying $815.3 million for all outstanding stock of Green Bay, WI-based ShopKo Stores Inc., thus gaining control of the real estate.
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Insider: The Norseman Group’s Gordon Monsen
By Michelle Napoli
NJ-based the Norseman Group LLC provides traditional mezzanine financing, a zero coupon note product and other financing services for single tenant properties. Recent deals include a nearly $5.95 million zero coupon loan to AVG Partners, with a 12-year fixed rate, for a portfolio of six Best Buy Inc. retail properties. NET LEASE forum recently spoke to the Norseman Group CEO and managing director Gordon Monsen to get an update on the firm and what he sees in the net lease property finance market.
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