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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2012
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

Note 8. Commitments and Contingencies

Contractual Commitments. As of August 7, 2012, the Company had two outstanding contracts with third-party sellers to acquire two industrial properties consisting of 203,291 square feet. There is no assurance that the Company will acquire the properties under contract because the proposed acquisitions are subject to the completion of satisfactory due diligence, various closing conditions and the consent of the mortgage lender. The following table summarizes certain information with respect to the properties the Company has under contract:

 

                                 
    Number of           Purchase Price     Assumed Debt  

Market

   Buildings     Square Feet     (in thousands)     (in thousands)  

Los Angeles

     —         —       $ —       $ —    

Miami

     2       137,594       12,350       6,100  

Northern New Jersey/New York City

     —         —         —         —    

San Francisco Bay Area

     —         —         —         —    

Seattle

     —         —         —         —    

Washington, D.C./Baltimore

     1       65,697       6,660       3,600  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

     3       203,291     $ 19,010     $ 9,700  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

As of August 7, 2012, the Company has entered into an agreement with a third-party purchaser to sell one property located in the Los Angeles market for a sales price of approximately $17.2 million. There is no assurance that the Company will complete the sale of the property under contract because the proposed sale is subject to the purchaser’s completion of satisfactory due diligence and various closing conditions.