"The most challenging aspect of the transaction was converting the existing securitized single-borrower loan into a multi-borrower, TIC-format transaction," says Shields, whose Los Angeles-based investment company also has an office in Chicago. "Given the quality of the investment opportunity in the World Kitchen transaction, the challenges were well worth the effort."

However, the relatively new financing concept is a daunting, time-consuming effort, Shields tells GlobeSt.com. Financing a tenant-in-common deal is challenging enough, he says. "Taking the existing loan documents, with all the collateral issues, is inordinately more difficult."

Approached by investors in its 1031 Co-Ownership in Real Estate program, a building owned by Will Partners LLC, an entity formed by Griffin Capital, was identified as a likely candidate. Discussions with the lender, Wells Fargo Bank, "B" piece buyers and rating issuers took four months, he says. "Those guys are not being paid enough money to re-invent this," Shields adds.