Steptoe Las Vegas TIC
5050 Steptoe Street · Las Vegas, Nevada
An 80,330-square-foot multi-tenant industrial property presented through a traditional tenancy-in-common structure for direct real estate co-ownership.
MAG intends the proposed structure to convey direct, undivided tenancy-in-common interests in real property rather than DST beneficial interests. Availability, ownership percentage, purchase price, allocated debt, financing, economics, and purchaser rights are governed only by final executed deeds, TIC and purchase documents, loan documents, approvals, and legal and tax review. Legal, tax, and regulatory characterization depends on the final documents and facts.
Industrial functionality with active lease execution.
The current underwriting centers on a five-space industrial property and an active lease-rollover plan. That creates opportunity only if leasing, occupancy, costs, financing, and exit assumptions are achieved.
Property
Industrial utility, access, condition, market rent, and alternative-user demand.
Tenancy
Current rent, lease rollover, renewal probability, downtime, tenant improvements, and commissions.
Capital
Financing terms, extension risk, reserves, additional capital needs, and sale assumptions.
Documents
Final leases, loan documents, TIC agreement, deeds, guaranties, title, survey, appraisal, and tax review.
Understand traditional TIC ownership.
A tenancy-in-common purchaser holds a direct, undivided co-ownership interest in the real property. The deed and TIC agreement govern that ownership. Tax treatment, voting, financing, transfer, management, and operating mechanics depend on the final executed documents and each purchaser's circumstances.
Review IRS Revenue Procedure 2002-22 ↗Primary considerations
- Lease backfill, tenant renewal, market rent, and replacement timing
- Tenant-improvement and leasing-commission needs
- Reserve sufficiency and potential additional capital
- Financing availability, pricing, covenants, extensions, and repayment
- Closing conditions, ownership mechanics, transfer restrictions, and sale control
- Illiquidity, changing cash flow, and possible loss of principal