Subsequent Event

12 Months Ended

Dec. 31, 2011

In January 2012, the Company purchased approximately 18 acres of land, including buildings and improvements, from Lazarra Leasing, LLC. The property is located in Tampa, Florida, and was formerly partially rented by the Company.

The purchase price was $13.4 million, and included the following terms:


•	The Company, at its expense, shall construct dock improvements at Seller's facility, in an amount not to exceed $279,700. Construction shall commence within 90 days of closing.


•	The Company shall rent a portion of the land retained by Seller for an initial term of 20 years, with payment of $250,000 in advance for the entire term.


•	Seller shall lease back three buildings for up to 24 months following the sale, with the first 12 months rent abated. Rent during the second twelve-month period, shall be at $7.00 per square foot.

The Company drew $13 million on its revolving line of credit to purchase the land and buildings.