Actually the TIC you are talking about is really an entirely new investment vehicle (and industry) that was created a few years ago when the IRS ruled that this structure was eligible to be used as a 1031 exchange.
If you have an appreciated california investment property, I think they are especially attractive choice…you get passive income, ability to diversify across many commerical classes and geographic locations and all the beneifts of RE ownership (such as being able to offsset depreciation against income and deference of capital gains).