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Subsequent Events
3 Months Ended
Mar. 31, 2015
Notes  
Subsequent Events

Note 13 – Subsequent Events

 

On May 1, 2015, we acquired a nine office building complex containing approximately 203,688 square feet of office space located in Dallas, Texas, for $11,400,000.  The property is commonly referred to as Commerce Plaza Hillcrest (the “Hillcrest Property”).  The Hillcrest Property was 74% occupied by 92 tenants as of the acquisition date.  The Hillcrest Property was acquired with funds from our ongoing public offering.

 

On May 8, 2015, we acquired an office building containing approximately 230,872 square feet of office space located in Houston, Texas, for $10,150,000.  The property is commonly referred to as 400 North Belt (the “North Belt Building”).  The North Belt Building was 64% occupied by 12 tenants as of the acquisition date.  The North Belt Building was acquired with funds from our ongoing public offering and loan advance proceeds of $5,000,000 provided under our Credit Facility.

 

In accordance with Financial Accounting Standards Board ASC Topic 855, Subsequent Events, the Company has evaluated subsequent events through May 15, 2015, which is the date these consolidated financial statements were issued. All subsequent events requiring recognition as of May 15, 2015, have been incorporated into these notes to consolidated financial statements.