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Real Estate Acquisitions | 6 Months Ended
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Jun. 30, 2019
Real Estate Acquisitions |
Real Estate Acquisitions | Note 5 – Real Estate Acquisitions The following chart details the Company’s acquisitions of real estate during the six months ended June 30, 2019 (amounts in thousands):
|  |  |  |  |  |  |  |  | Capitalized
|  |  |  |  |  |  |  |  | Third Party
|  |  |  | Contract |  |  |  | Real Estate
|  |  |  | Purchase |  | Terms of |  | Acquisition
Description of Property |  | Date Acquired |  | Price |  | Payment |  | Costs
Zwanenberg Food Group/Metro Carpets industrial facility, |  |  |  |  |  |  |  |  |  |
Nashville, Tennessee |  | May 30, 2019 |  | $ | 8,000 |  | All cash (a) |  | $ | 77
Echo, Inc. industrial facility, |  |  |  |  |  |  |  |  |  |
Wauconda, Illinois |  | May 30, 2019 |  |  | 3,800 |  | All cash |  |  | 26
Tinicum Mechanical Supply/Philly Motors industrial facility, |  |  |  |  |  |  |  |  |  |
Bensalem, Pennsylvania |  | June 18, 2019 |  |  | 6,200 |  | All cash |  |  | 168
International Flora Technologies industrial facility, |  |  |  |  |  |  |  |  |  |
Chandler, Arizona |  | June 26, 2019 |  |  | 8,650 |  | All cash |  |  | 57
Totals |  |  |  | $ | 26,650 |  |  |  | $ | 328
| (a) |  | In July 2019, the Company obtained new mortgage debt of $5,200.
The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives. The following chart details the allocation of the purchase price for the Company’s acquisitions of real estate during the six months ended June 30, 2019 (amounts in thousands):
|  |  |  |  |  |  |  | Building |  | Intangible Lease |  |  |
Description of Property |  | Land |  | Building |  | Improvements |  | Asset |  | Liability |  | Total
Zwanenberg Food Group/Metro Carpets industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nashville, Tennessee |  | $ | 1,058 |  | $ | 6,280 |  | $ | 70 |  | $ | 750 |  | $ | (81) |  | $ | 8,077
Echo, Inc. industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wauconda, Illinois |  |  | 67 |  |  | 3,283 |  |  | 141 |  |  | 339 |  |  | (4) |  |  | 3,826
Tinicum Mechanical Supply/Philly Motors industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bensalem, Pennsylvania |  |  | 1,602 |  |  | 4,285 |  |  | 37 |  |  | 664 |  |  | (220) |  |  | 6,368
International Flora Technologies industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chandler, Arizona |  |  | 1,334 |  |  | 7,152 |  |  | 221 |  |  | — |  |  | — |  |  | 8,707
Totals |  | $ | 4,061 |  | $ | 21,000 |  | $ | 469 |  | $ | 1,753 |  | $ | (305) |  | $ | 26,978
On July 24, 2019, the Company purchased an industrial property in LaGrange, Georgia for $5,200,000.

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- Definition The entire disclosure of real estate acquisitions. + References No definition available. + Details
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