I believe the fair tender value should exceed or equal $4.75 per unit. I suspect Hines will recommend that you do not sell at those prices. If you want liquidity, I can usually buy above $4.70 a share. Why would anyone sell at $4.25 per share when we are paying more than $4.70 a share? Simply because, they are not informed. Contact me at 602-721-4730 or email me at TheREITAdvisor@gmail.com.
I am Lawrence M. Cohen, The REIT Advisor, and my free web sites are available for your use. I will provide free evaluations, background information, and current updates on non-traded REITs. I will also offer a service for those current owners who wish to sell their positions. We will almost always offer more than the lowball, tender bandits.
If you wish to sell your Hines position now, please contact me. I charge no commission or any fees. Currently we are paying around $4.75 per unit. These pending tenders may bring forth a lot of sellers and prices could drop sharply.
In order to give you a preview of my new sites, I have included an excerpt. It is a caution on tenders for non-traded REITS. The caution is for below market tenders – not the ones provided by REITCO LLC. I hope you find these sites useful. I would appreciate any comments or questions you may have.
Tenders for non-traded REITs are almost always presented at prices below market. The REIT management typically recommends that you reject the tender offers. You must read the Securities Exchange Commission’s warning on mini-tenders www.sec.gov/investor/pubs/minitend.htm. Because there is no easy way to sell your position, investors may not be aware of other opportunities to liquidate their units. We usually will be able to find a buyer willing to offer more than the tender price. During the fourth quarter of 2009, there were tender offers for Piedmont Office REIT for $3.00, $4.00, and $4.60 per unit. At the same time, we were offering in the $5.00 to $6.00 range. Call or e-mail us for a quote on your positions.
While there are many lowball tenders, the highest priced tenders are posted on www.REITCOLLC.com. This is an affiliate of ours and strives to offer fairly priced liquidity to investors.