Selling TIC LLC Interests from 1031 - Legal/Tax Question?

[Matt S.]

Hi All-

A few years ago I did my first 1031, selling a condo in Brooklyn and doing a 1031 exchange into a multi-family syndication in Atlanta. I purchased a Tenants in Common (TIC) interest alongside a syndicator (I own 5%, GP/LPs own 95%). I made the purchase through a single member LLC.

The GP reached out to me to relay they've negotiated the sale of the property with a tentative 2/15 closing. To achieve the highest price, the GP gave the buyer the option to buy partnership interests in our respective LLC's, rather than a transfer of real estate. I have a very high level understanding of what this means (could be beneficial for buyer from a tax perspective), but very little idea what this means and if there's anything I should be thinking about, negotiating, etc.

If anyone has any thoughts, comments, recommendations on who I could speak to about this it would be appreciated.

-Matt