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Property and Equipment | 6 Months Ended
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Jun. 30, 2017
Property and Equipment | 3. Property and Equipment Property and equipment consist of the following (in thousands):
|  | Estimated Useful |  |  |  |  |  |  |
|  | Life (Years) |  |  | June 30, 2017 |  |  | December 31, 2016 |
Land |  |  | — |  |  | $ | 875 |  |  | $ | 875 |
Buildings |  |  | 39-40 |  |  |  | 17,389 |  |  |  | 17,389 |
Building improvements |  |  | 5-40 |  |  |  | 34,957 |  |  |  | 34,957 |
Machinery and equipment |  |  | 3-15 |  |  |  | 62,992 |  |  |  | 62,992 |
Furniture, fixtures and office equipment |  |  | 5-10 |  |  |  | 3,556 |  |  |  | 3,556 |
Computer equipment and software |  |  | 3 |  |  |  | 8,531 |  |  |  | 8,531 |
Construction in progress |  |  | — |  |  |  | 91 |  |  |  | 202 |
|  |  |  |  |  |  | 128,391 |  |  |  | 128,502 |
Less accumulated depreciation |  |  |  |  |  |  | (100,471 | ) |  |  | (99,575 | )
Total property and equipment, net |  |  |  |  |  | $ | 27,920 |  |  | $ | 28,927 |
Depreciation expense related to property and equipment for the three and six months ended June 30, 2017 and 2016 was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Depreciation expense |  | $ | 450 |  |  | $ | 589 |  |  | $ | 896 |  |  | $ | 1,179 |
Management evaluated certain equipment that was not yet in service and determined that since the equipment was not being used and there was no current estimated date for installation and therefore no future cash flows associated with the equipment, a write-down of construction in progress of approximately $0.1 million was recorded during the three and six months ended June 30, 2017. The Company did not record any impairment charges for the three and six months ended June 30, 2016. On January 6, 2017, the Company and Rexford Industrial Realty, L.P. (“Rexford”) entered into an Agreement of Purchase and Sale and Joint Escrow Instructions (the “Purchase Agreement”), pursuant to which the Company agreed to sell and Rexford agreed to purchase certain parcels of real estate owned by the Company in Valencia, California and certain related improvements, personal property, equipment, supplies and fixtures (collectively, the “Property”) for $17.3 million. The sale and purchase of the Property for $17.3 million pursuant to the terms of the Purchase Agreement, as amended, was completed on February 17, 2017. Net proceeds were $16.7 million after deducting broker’s commission and other fees of approximately $0.6 million paid by the Company. Net proceeds received approximated the carrying value of the asset held for sale.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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