RealStake

Investor's Business Daily has a piece on pitfalls to watch out for in tenant-in-common or TIC investing.

Specific tips include:

• Do due diligence ont the property
• Get a good TIC Agreement
• Be careful with time pressure
• Check with securities regulators

«Investors are often lured by the deferral of taxes but forget to look at whether the basic investment is sound,» said Michael Stevenson, director of securities at Washington State's securities regulatory agency.

Investor's Business Daily: Breaking News

Dallas-based real estate firm Harvest Partners announced on Monday plans for a 68-acre mixed use development on land purchased from Boeing in 2004. The «urban village» development, called The Landing will be one of the 10 largest shopping centers in the region based on gross leasable retail space and will include housing, stores, hotels and businesses.

Costing $390 million, The Landing is to include more than 800,000 square feet of retail, more than 900 residential units, 57,000 square feet of office space, and a 140-room hotel. Callison, the Seattle-based retail design firm that is designing this community, is also planning for lush, tree-lined streets and open plazas.

Source: Urban Village to Grow in 68 Acres of Seattle Suburb

America First Apartment Investors, Inc. has sold the 15-building, 259-unit Orlando apartment complex, the St. Andrews at Westwood, for $33 million in a 1031 like kind exchange. America First is reportedly shielding a $20 million gain using the 1031 exchange, which may involve reinvesting in a more affordable market in the Southeast or Midwest.

Although it still owns apartment communities in Florida, America First is currently looking toward more affordable markets in the Southeast and Midwest. «We still consider Florida an attractive market for rental units,» Cassidy said, «but pricing for assets there is just too high right now.»

Condo Converter Purchases 259 Units in Florida for $33M

The third largest hotel REIT, Equity Inns, Inc., completed a $73.5 million senior debt offering on a 10-year loan at 5.44% fixed, underwritten by GE Real Estate. Equity Inns owns 123 hotels with 14,788 rooms located in 36 states with a focus on upscale extended stay, all-suite and midscale limited-service hotels. The loan reduced Equity Inns average interest rate cost and shifted the portion of fixed rate debt to 97%.

Source: Equity Inns Closes Mortgage Debt Offering; Net Proceeds Used to Reduce Variable Rate Debt

Farmland near cities continues to bring very high prices. A 153-acre farm in Jefferson County, Kentucky (near Louisville) was purchased for $10,000 an acre for a luxury residential subdivision. the purchaser, Hogan Real Estate, is a successful Louisville commercial developer making its first foray into residential development.

Glenn Hogan, president and CEO of the company that bears his name, plans to divide the property into 28 estate lots, each with about five acres. The development will be called Catalpa Farms.

Lots in the development will be sold for $165,000 to $200,000. Homes will cost $450,000 to more than $1 million.

Hogan buys 150 acres in eastern Jefferson - Louisville - MSNBC.com