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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Real estate assets and lease intangibles:    
Land $ 46,105,130 $ 47,190,225
Buildings and improvements 184,584,788 180,590,935
Tenant improvements 21,388,233 20,148,272
Lease intangibles 12,235,417 12,663,629
Real estate assets and lease intangibles held for investment, cost 264,313,568 260,593,061
Accumulated depreciation and amortization (37,351,636) (32,665,688)
Real estate assets and lease intangibles held for investment, net 226,961,932 227,927,373
Real estate assets held for sale, net 12,342,411 12,594,836
Real estate assets, net 239,304,343 240,522,209
Cash and cash equivalents 3,436,531 3,116,147
Restricted cash 3,854,970 4,271,648
Deferred leasing costs, net 1,922,468 1,920,091
Goodwill 2,423,000 2,423,000
Other assets, net 5,612,568 5,745,982
TOTAL ASSETS 256,553,880 257,999,077
Liabilities:    
Mortgage notes payable held for investment, net 157,018,825 152,998,857
Mortgage notes payable related to real estate assets held for sale, net 5,900,258 5,887,254
Mortgage notes payable, net 162,919,083 158,886,111
Accounts payable and accrued liabilities 6,743,991 6,066,068
Accrued real estate taxes 2,348,145 2,318,990
Dividends payable   1,171,924
Below-market leases, net 1,457,204 1,698,086
Total liabilities 204,034,110 202,249,447
Commitments and contingencies
Equity:    
Additional paid-in capital 150,616,707 149,539,782
Dividends in excess of accumulated losses (112,939,280) (106,623,957)
Total stockholders' equity before noncontrolling interest 37,853,570 43,090,853
Noncontrolling interest 14,666,200 12,658,777
Total equity 52,519,770 55,749,630
TOTAL LIABILITIES AND EQUITY 256,553,880 257,999,077
Redeemable Convertible Preferred Stock Series B [Member]    
Liabilities:    
Mandatorily redeemable Series B Preferred Stock, net, $0.01 par value, $1,000 liquidating preference; shares authorized: 35,000; 30,700 and 32,700 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively, net 30,565,687 32,108,268
Common Class A [Member]    
Equity:    
Series A Common Stock, $0.01 par value, shares authorized: 100,000,000; 17,614,160 and 17,502,673 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively $ 176,143 $ 175,028