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RECENT REAL ESTATE TRANSACTIONS
9 Months Ended
Sep. 30, 2019
Real Estate [Abstract]  
RECENT REAL ESTATE TRANSACTIONS RECENT REAL ESTATE TRANSACTIONS
During the nine months ended September 30, 2019, the Company disposed of the following properties:
Morena Office Center, which was sold on January 15, 2019 for approximately $5.6 million and the Company recognized a gain of approximately $700,000.
Nightingale land, which was sold on May 8, 2019 for approximately $875,000 and the Company recognized a loss of approximately $93,000.
On July 1, 2019, NetREIT Genesis, LLC sold a 43% tenants-in-common interest in Genesis Plaza (“TIC Interest”) for $5.6 million to a newly formed entity, NetREIT Genesis II, LLC, in which NetREIT Casa Grande LP is the sole member. NetREIT Casa Grande LP owned and sold Morena Office Center on January 15, 2019. The sale of the TIC Interest was structured as a 1031 exchange and included $2.9 million in cash and assumption of debt. The Company remains a guarantor of the debt and NetREIT Genesis, LLC and NetREIT Genesis II, LLC are jointly and severally liable for the debt securing Genesis Plaza, the financial terms and conditions of which remain materially unchanged.
The Presidio office building, which was sold on July 31, 2019 for approximately $12.3 million and the Company recognized a gain of approximately $4.5 million.
During the nine months ended September 30, 2019, the Company acquired 18 model homes for approximately $6.1 million. The purchase price was paid through cash payments of approximately $1.8 million and mortgage notes of approximately $4.3 million.
During the nine months ended September 30, 2019, the Company disposed of 35 model homes for approximately $12.4 million and recognized a gain of approximately $1 million.
During the nine months ended September 30, 2018, the Company acquired 39 model homes for approximately $15.2 million. The purchase price was paid through cash payments of approximately $4.6 million and mortgage notes of approximately $10.6 million.
During the nine months ended September 30, 2018, the Company disposed of 24 model homes for approximately $9 million and recognized a gain of approximately $795,000.