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Real Estate Transactions | 12 Months Ended
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Dec. 31, 2014
Real Estate Transactions [Abstract] |
Real Estate Transactions [Text Block] | 3. RECENT REAL ESTATE TRANSACTIONS During 2014, the Company acquired the following properties: In May, a 93,000 square foot, multi-tenant office building located in Bismarck, ND for $5.4 million (through a cash payment of $2.0 million and the assumption of the existing loan on the property of $3.4 million), plus closing costs. The property was 85% occupied at acquisition. In August, a 84,000 square foot, multi-tenant office building located in Lakewood, Colorado for $9.4 millio n (through a cash payment of $2.8 million and a promissory note totaling $6.6 million), plus closing costs. The property was 82% occupied at acquisition. In December, a 110,000 square foot, multi-tenant office property located in Colorado Springs, Colorado for $15.5 million (through a cash payment of $5.2 million and a promissory note of $10.3 million), plus closing costs. The property is comprised of two buildings, and was 97% occupied at acquisition. In December, a 44,000 square foot, multi-tenant retail property located in Colorado Springs, Colorado for $11.2 million (through a cash payment of $2.4 million and a promissory note of $8.4 million) and the payoff of a loan termination fee of $400,000 on behalf of the seller, plus closing costs. The propert y was 97% occupied at acquisition. In December, a 79,000 square foot, multi-tenant office property located in Centennial, Colorado for $11.8 million (through a cash payment of $3.3 million and a promissory note of $8.5 million), plus closing costs. The pr operty was 100% occupied at acquisition. The Model Home Partnerships acquired eighteen (18) Model Home properties in Pennsylvania and Arizona and leased them back to the home builders. The purchase price for the properties totaled $5.7 million (consisting of cash payments of $2.3 milli on and a promissory note of $3.4 million), plus closing costs. The Company allocated the purchase price of the properties acquired during 2014 as follows:
|  |  |  | Buildings |  | Tenant |  | In-place |  | Leasing |  | Purchase
|  | Land |  | and other |  | Improvements |  | Leases |  | Costs |  | Price
Bismarck, ND | $ | 413,000 | $ | 4,233,700 | $ | 474,400 | $ | 164,300 | $ | 64,600 | $ | 5,350,000
Lakewood, CO |  | 1,717,000 |  | 5,267,900 |  | 1,643,300 |  | 370,100 |  | 426,700 |  | 9,425,000
Colorado Springs, CO |  | 2,025,000 |  | 10,417,901 |  | 1,583,869 |  | 762,875 |  | 710,355 |  | 15,500,000
Colorado Springs, CO |  | 1,750,000 |  | 8,890,316 |  | 153,392 |  | 124,974 |  | 292,987 |  | 11,211,669
Centennial, CO |  | 1,420,000 |  | 8,766,628 |  | 385,332 |  | 993,252 |  | 284,788 |  | 11,850,000
Model Home |  | 1,023,830 |  | 4,702,870 |  | - |  | - |  | - |  | 5,726,700
Total | $ | 8,348,830 | $ | 42,279,315 | $ | 4,240,293 | $ | 2,415,501 | $ | 1,779,430 | $ | 59,063,369
| During the year ended December 31, 2014, the Company sold the following properties:
|  |  |  |  |  |  | Buildings |  | Total |  | Total |  |
|  |  |  |  | Land |  | and other |  | Cost |  | Gain |  |
|  |  | Model Homes (1) | $ | 2,169,560 | $ | 13,887,961 | $ | 16,057,521 |  | 3,371,031 |  |
|  |  | Fontana Medical Center (2) |  | 556,858 |  | 1,709,576 |  | 2,266,434 |  | 1,749,668 |  |
|  |  | Total | $ | 2,726,418 | $ | 15,597,537 | $ | 18,323,955 |  | 5,120,699 |  |
(1) | NetREIT Dubose, Dubose Model Home Investors #201 LP and Dubose Model Home Investors #202 LP sold forty five (45) model home properties upon maturity of the leases for an aggregate slaes price of $20.9 million
(2) | The Fontana Medical Plaza property was acquired in 2009 in a joint venture that the Company had a 51% controlling interest. The property was sold for $4.1 million.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 + Details
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