The White Law Group is investigating the liability that broker-dealers may have for recommending the Three Resources Square TIC.
According to recent letters sent to the TIC investors, distributions to Three Resource Square TIC owners will soon be suspended. A separate letter to TIC owners indicates that the property’s largest tenant, Allstate, will not be signing a new lease and the estimated value of the space is believed to be well-below its debt balance. The letter also indicates that the cost of back-filling the Allstate space and upcoming lease renewal is estimated to range between $3.5 and $4.5 million.
The Three Resource Square TIC, like any other TIC, is a speculative investment. Often, investors are unaware of the many risks involved in TIC ownership, and some investors may have purchased the TIC because the risks were misrepresented to them by the financial advisor that sold them the investment.
Many investors are attracted to the relatively high dividends offered by TICs, especially retired investors seeking a source of income. However, TICs are generally unsuitable for retired individuals since the TICs performance and ability to make distributions is dependent on the underlying real estate property and the overall health of the real estate market.
Brokerage firms that sell TICs have a fiduciary duty to recommend investments that are in line with their client’s age, risk tolerance, financial needs, net worth, and investment objectives. They must also adequately disclose all the risks associated with any given investment. Brokerage firms that over look suitability requirements or misrepresent an investment may be liable for investment losses.
If you invested in Three Resource Square and have questions regarding your litigation options, please call The White Law Group at (312)238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
To learn more about The White Law Group, please visit www.WhiteSecuritiesLaw.com.
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