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Commitments And Contingencies
 3 Months Ended
Mar. 31, 2015
Commitments And Contingencies [Abstract]  
Commitments And Contingencies

Note 9.  Commitments and Contingencies

 

Contractual Commitments.  As of May 6, 2015, the Company has three outstanding contracts with third-party sellers to acquire three industrial properties consisting of 438,774 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 with respect to one of the properties, the consent of the mortgage lender. The following table summarizes certain information with respect to the properties the Company has under contract:

 

 

 

 

 

 

 

 

 

 

 

Market

 

Number of Buildings

 

Square Feet

 

 

Purchase Price (in thousands)

 

 

Assumed Debt (in thousands)

Los Angeles

 

 -

 

 -

 

$

 -

 

$

 -

Northern New Jersey/New York City1

 

 -

 

 -

 

 
9,416 

 

 

 -

San Francisco Bay Area

 
4 

 
300,620 

 

 
37,200 

 

 

 -

Seattle

 
4 

 
138,154 

 

 
12,250 

 

 
4,808 

Miami

 

 -

 

 -

 

 

 -

 

 

 -

Washington, D.C./Baltimore

 

 -

 

 -

 

 

 -

 

 

 -

Total

 
8 

 
438,774 

 

$
58,866 

 

$
4,808 

 

 

 

 

 

 

 

 

 

 

 

1  Represents one improved land parcel consisting of 4.5 acres.

 

As of May 6, 2015, the Company has executed one non-binding letter of intent with a third-party seller to acquire one industrial property consisting of 58,564 square feet. The total purchase price for this industrial property is approximately $6.8 million. In the normal course of its business, the Company enters into non-binding letters of intent to purchase properties from third parties that may obligate the Company to make payments or perform other obligations upon the occurrence of certain events, including the execution of a purchase and sale agreement and satisfactory completion of various due diligence matters. There can be no assurance that the Company will enter into a purchase and sale agreement with respect to this property or otherwise complete any such prospective purchase on the terms described or at all.

 

As of May 6, 2015, the Company has two outstanding contracts with third-party purchasers to sell two properties, consisting of 225,427 square feet, located in the Washington, D.C./Baltimore and San Francisco Bay Area markets for an aggregate sales price of approximately $24.6 million (net book value of approximately $13.0 million). There is no assurance that the Company will sell the properties under contract because the proposed dispositions are subject to the completion of satisfactory due diligence and various closing conditions.