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Subsequent Events
6 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

12. SUBSEQUENT EVENTS

In August 2015, the Company acquired the West Fargo Industrial office buildings for the purchase price of approximately $7.9 million plus closing costs. The Property consists of seven industrial buildings with approximately 152,154 rentable square feet located in Fargo, North Dakota. The Company acquired the property with a cash payment of approximately $3.4 million and fixed rate mortgage note $4.5 million and is due in August 2020.

In August 2015, the Company acquired the 300 N.P. office building for the purchase price of approximately $3.9 million plus closing costs. The Property consists of one office building with approximately 34,056 rentable square feet located in Fargo, North Dakota. The Company acquired the property with a cash payment of approximately $3.9 million.

The Company has executed three other purchase and sale contracts for three properties located in Colorado for a combined purchase price of approximately $22 million. They are expected to close during the third quarter of 2015.

In August 2015, the Company issued 13,400 shares of Series B mandatorily redeemable preferred stock for $13,266,000 net of offering costs of $134,000. In addition, the Company entered into an agreement to extend the funding period for the issuance of the remaining 10,000 shares to November 2015. Refer to footnote 8 for additional information on this offering.