(This story, in slightly different form, originally appeared in Incisive Media's Daily Business Review.)

FORT LAUDERDALE, FL-As the commercial real estate market searches for a bottom, dozens of small buyers who pooled their money into special funds to buy office buildings during the boom years may fare even worse than institutional investors.

Known as tenants-in-common, or TIC funds, the owners of two office properties, the Wachovia Plaza in Fort Lauderdale and the Harbour Centre in Aventura, face the same problems as retirement funds and other institutional owners –– rising vacancies, lower rental rates and a frozen credit market.

But fund members have it even tougher. Already skittish lenders are leery of refinancing loans coming due on properties that involve dozens of owners who may not be willing or able to pony up more equity or to provide money to help pay for building costs, such as lease commissions and management expenses.

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