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Subsequent Events
3 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

(13) Subsequent Events.

 

This past quarter, we entered into a Purchase and Sale Agreement to sell 7030 Dorsey Road in Anne Arundel County, one of the three commercial properties remaining from the asset sale last May, for $8,823,000. The study period for the purchaser expired on April 15, 2019 at which time the property became classified as held for sale and we expect to close in the second quarter of 2019.

 

In July, 2018, the Gill Corporation sued the Company to enforce a right of first refusal to purchase a warehouse property that was scheduled to be sold to BRE Foxtrot Parent LLC for $11.7 million in the transaction that closed in June 2018. The suit also sought to require the Company to replace the roof or, in the alternative, for damages. Gill’s claim to enforce the right of first refusal has been dismissed, though the claim for roof replacement or damages remains pending. In light of the dismissal of the right of first refusal claim, BRE Foxtrot Parent has exercised its contractual right to purchase the property for $11.7 million, subject only to receipt of an estoppel letter from Gill addressing all matters other than the roof, and an updated survey and environmental report in acceptable form. This transaction is expected to close in the second or third quarter of 2019.