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Investment in Real Estate | 6 Months Ended
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Jun. 30, 2018
Real Estate [Abstract] |
Investment in Real Estate | Investment in Real Estate Acquisitions During the six months ended June 30, 2018, we acquired six industrial properties comprised of approximately 0.5 million square feet of GLA and five land parcels. We considered these properties asset acquisitions and therefore capitalized acquisition costs to the basis of the acquired assets. The following table summarizes the amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the six months ended June 30, 2018:
| Purchase Price
Land | $ | 50,262 |
Building and Improvements | 45,393 |
Other Assets (leasing commissions) | 526 |
In-Place Leases | 2,483 |
Above Market Leases | 73 |
Below Market Leases | (737 | )
Total Purchase Price | $ | 98,000 |
Assumed Mortgage Loan (Note 4) | (11,654 | )
Total Net Assets Acquired | $ | 86,346 |
The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for the six months ended June 30, 2018. Real Estate Held for Sale As of June 30, 2018, we had two industrial properties comprised of approximately 0.4 million square feet of GLA and four land parcels held for sale. Sales During the six months ended June 30, 2018, we sold 30 industrial properties comprised of approximately 1.3 million square feet of GLA and one land parcel. Gross proceeds from the sales of these industrial properties were $97,979. The gain on sale of real estate was $45,156. Impairment Charges The impairment charges of $2,756 recorded during the six months ended June 30, 2018 were due to marketing one industrial property and one land parcel for sale and our assessment of the likelihood and timing of a potential sale transaction. During the three months ended June 30, 2018, the one industrial property was sold. The following table presents information about the one land parcel that was measured at fair value on a non-recurring basis and also indicates the fair value hierarchy of the valuation techniques we used to determine such fair value.
| Fair Value Measurements on a Non-Recurring Basis Using: |  |
Description | At June 30, 2018 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3) |  | Total Impairment for the Six Months Ended
One land parcel | $ | 1,889 |  |  | — |  |  | — |  |  | $ | 1,889 |  |  | $ | 471 |
The following table presents quantitative information about the significant unobservable inputs we used to determine fair value of non-recurring items at June 30, 2018.
Quantitative Information about Level 3 Fair Value Measurements:
Description |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range
Impairment of one land parcel |  | $ | 1,889 |  |  | Contracted Price |  | (A) |  | N/A
_______________ (A) The fair value for the land parcel was based upon the value included in a third party purchase contract, which was subject to our corroboration for reasonableness.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 + Details
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