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Recent Real Estate Transactions | 12 Months Ended
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Dec. 31, 2015
Real Estate [Abstract] |
Recent Real Estate Transactions | 3. RECENT REAL ESTATE TRANSACTIONS During 2015, the Company acquired the following properties:
| · | On December 24, 2015, the Company acquired a four story, 121,399 square foot office building located in Highlands Ranch, Colorado for a purchase price of approximately $25.3 million. The building was 100% occupied at the date of acquisition.
| · | On August 28, 2015, the Company acquired a four story, 69,200 square foot office building located in Westminster, Colorado for a purchase price of approximately $9.1 million. The building was approximately 96% occupied at the date of acquisition.
| · | On August 26, 2015, the Company acquired a four story 93,000 square foot office building located in Centennial, Colorado for a purchase price of approximately $13.1 million. The building was approximately 97% occupied on the date of acquisition.
| · | On August 13, 2015, the Company acquired a single story 10,700 square foot retail building located adjacent to the Union Town Center building already owned by the Company in Colorado Springs, Colorado for a purchase price of approximately $2.9 million. The building was 100% occupied at the date of acquisition.
| · | On August 8, 2015, the Company acquired a two story 36,500 square foot office building in Fargo, North Dakota for a purchase price of $3.9 million. The building was 86.4% occupied at the date of acquisition.
| · | On August 8, 2015, the Company acquired seven single story 152,154 square foot industrial/flex buildings in West Fargo, North Dakota for a purchase price of approximately $7.9 million. The buildings were 97.6% occupied at the date of acquisition.
The Model Home Partnerships and Limited Liability Company acquired seventeen Model Home properties and leased them back to the home builders. The purchase price for the properties totaled $5.7 million. The Company allocated the purchase price of the properties acquired during 2015 as follows:
|  |  |  |  |  | Buildings |  |  | Tenant |  |  | Leases |  |  | Leasing |  |  | Total |
Property |  | Land |  |  | and Other |  |  | Improvements |  |  | in Place (1) |  |  | Costs |  |  | Purchase Price |
Shea Center II |  | $ | 2,213,734 |  |  | $ | 19,344,132 |  |  | $ | 2,336,066 |  |  | $ | 809,110 |  |  | $ | 621,958 |  |  | $ | 25,325,000 |
One Park Centre |  |  | 1,205,552 |  |  |  | 7,047,875 |  |  |  | 274,591 |  |  |  | 366,121 |  |  |  | 255,861 |  |  |  | 9,150,000 |
Highland Court |  |  | 3,608,028 |  |  |  | 6,939,286 |  |  |  | 1,412,097 |  |  |  | 621,323 |  |  |  | 469,266 |  |  |  | 13,050,000 |
Research Parkway |  |  | 407,722 |  |  |  | 2,283,689 |  |  |  | 38,022 |  |  |  | 50,300 |  |  |  | 70,267 |  |  |  | 2,850,000 |
300 N.P. |  |  | 135,430 |  |  |  | 3,429,097 |  |  |  | 53,272 |  |  |  | 127,852 |  |  |  | 104,349 |  |  |  | 3,850,000 |
West Fargo Industrial |  |  | 1,693,035 |  |  |  | 6,021,666 |  |  |  | 3,166 |  |  |  | 99,595 |  |  |  | 83,038 |  |  |  | 7,900,500 |
Model Homes Properties |  |  | 797,000 |  |  |  | 4,930,092 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,727,092 |
|  | $ | 10,060,501 |  |  | $ | 49,995,837 |  |  | $ | 4,117,214 |  |  | $ | 2,074,301 |  |  | $ | 1,604,739 |  |  | $ | 67,852,592 |
| (1) | Leases in place include intangible assets and liabilities related to above and below market rents, net.
For the year ended December 31, 2015, the Company recognized an aggregate of $1.8 million of total revenues and an aggregate of $666,000 of operating expenses from these properties. On April 10, 2015, the Company sold 100% of the Sparky’s Self-Storage Portfolio. The net sales price was approximately $34 million and approximately $16.9 million in mortgage notes payable were repaid in connection the sale. The Company recognized a gain on sale of approximately $4.7 million. On April 24, 2015, the Company sold a parcel of land and its building at the Yucca Valley Retail Center for approximately $1.5 million and recognized a gain of approximately $1.0 million. During the year ended December 31, 2015, NetREIT Dubose and the other Model Home entities disposed of five Model Home properties. The sales price, net of selling costs, aggregated to approximately $2.7 million and approximately $1.1 million in mortgage notes payable were repaid in connection with these sales. The Company recognized a gain of $473,000 related to the sale of these Model Homes.

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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 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 3: 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 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 + Details
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