Steptoe Las Vegas TIC
5050 Steptoe Street · Las Vegas, Nevada
An 80,330-square-foot multi-tenant industrial property being evaluated for a tenancy-in-common replacement-property strategy.
Current availability, offering exemption, eligibility, ownership, financing, closing, and economics are not confirmed here and remain subject to final executed documents, approvals, and compliance review.
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 the proposed TIC structure.
A tenancy-in-common structure generally involves direct co-ownership interests in real estate. Tax treatment, voting, financing, transfer, management, and operating mechanics depend on the final structure and executed documents.
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