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Commitments and Contingencies
 9 Months Ended
Sep. 30, 2012
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

Note 9. Commitments and Contingencies

Contractual Commitments. As of November 7, 2012, the Company had one outstanding contract with a third-party seller to acquire one industrial property consisting of 110,049 square feet. There is no assurance that the Company will acquire the property under contract because the proposed acquisition is 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 property the Company has under contract:

 

                                 

Market

 

Number of
Buildings

   

Square
Feet

   

Purchase Price
(in thousands)

   

Assumed Debt
(in thousands)

  

Los Angeles

     —         —       $ —       $ —    

Miami

     —         —         —         —    

Northern New Jersey/New York City

     —         —         —         —    

San Francisco Bay Area

     —         —         —         —    

Seattle

     1       110,049       8,000       5,100  

Washington, D.C./Baltimore

     —         —         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

     1       110,049     $ 8,000     $ 5,100  
   

 

 

    

 

 

    

 

 

    

 

 

  

As of September 30, 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.