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Recent Real Estate Transactions
 9 Months Ended
Sep. 30, 2016
Real Estate [Abstract]  
Recent Real Estate Transactions

3. RECENT REAL ESTATE TRANSACTIONS

During the nine months ended September 30, 2016, the Company acquired forty-six Model Home properties in Texas, Utah and Florida and leased them back to the homebuilders. The purchase price for the properties was $15.8 million. The purchase price was paid through cash payments of $4.8 million and promissory notes of $11.0 million.

The Company allocated the purchase price of the properties acquired during the nine months ended September 30, 2016 as follows:

 

 

 

 

 

 

 

Buildings

 

 

Total

 

 

 

Land

 

 

and Other

 

 

Purchase Price

 

Model Homes Properties

 

$

2,142,195

 

 

$

13,632,660

 

 

$

15,774,855

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

During the nine months ended September 30, 2016, the Company disposed of seventeen Model Home properties. The sales price aggregated to approximately $5.1 million and approximately $1.8 million in mortgage notes payable were repaid in connection with these sales. The Company recognized a gain of $622,000 related to the sale of these Model Homes.

On July 15, 2016, the Company sold the Havana Parker Complex for approximately $3.3 million and recognized a gain of approximately $668,000.

 

On June 7, 2016, the Company sold a parcel of land and its building at the Yucca Valley Retail Center for approximately $1.3 million and recognized a gain of approximately $831,000.

 

During the nine months ended September 30, 2015, the Company disposed of five Model Home properties. The sales price aggregated to approximately $1.5 million and approximately $702,000 in mortgage notes payable were repaid in connection with these sales. The Company recognized a gain of $156,000 related to the sale of these Model Homes.

 

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.