Monday, April 18, 2011
LOS ANGELES, CA, April 18, 2011, Principals of tenant in common industry leaders TIC Properties Management, LLC AMOÒ, Cottonwood Capital and CapHarbor have joined forces to create a complete solution for investors in properties that were syndicated as a tenant common structure and for rescuing distressed properties and fatigued sponsors of tenant in common offerings.
The new company, Ascent Realty Advisors, LLC (“Ascent”), is headed by Chairman John W. Boyd, (top right photo) who founded TIC Properties, LLC in 2001, and CEO and President James G. Shaw (middle left photo), who founded CapHarbor also in 2002.
“This is the right thing to do for the TIC investors,” said Boyd. “While the tenant in common industry was aware from the outset that raising additional capital from TIC investors would be difficult and, therefore, most properties were ‘over-capitalized’ for reserves when they were syndicated, the ravages of the Great Recession and the ongoing real estate downturn have, in some cases, reduced or depleted those reserves, leaving those properties unable to compete in their markets.”
“With our national operating platform and substantial capital base, combined with our deep relationships with TIC investors, sponsors and broker-dealers, Ascent is uniquely suited to provide solutions to these challenges,” said Shaw.
“We believe that Ascent combines the attributes that investors, tenants and lenders require: strong operational expertise, a well-capitalized company with the ability to provide capital to the individual properties and, through the Ascent Fund, a single borrowing entity that should be much more attractive to tenants and lenders alike.”
The Ascent Fund will be managed by Ascent Commercial Property Management, LLC, lead by Barry Gruebbel (lower right photo), C.P.M.
Ascent is headquartered in Greenville, South Carolina with offices across the United States, including Los Angeles, Irvine, Dallas, Cincinnati, Kansas City and Atlanta. For more information, please visit www.ascentreadvisors.com.
Contact: David Ebeling, Ebeling Communications, (949) 278-7851