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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2017
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 21. SUBSEQUENT EVENTS

On April 5, 2017, the Company completed the sale of approximately 28 acres of land to an affiliate of VanTrust for approximately $3.2 million, or approximately $117,000 per acre, resulting in an estimated gain of approximately $3.0 million, or $0.32 per share, after tax. On April 6, 2017, the Company utilized the majority of the proceeds from this sale to acquire a replacement asset, as described below, through the 1031 like-kind exchange structure with approximately $900,000 remaining to be utilized to acquire another replacement asset.

On April 6, 2017, the Company acquired an approximately 22,500 square-foot retail building in the metropolitan Boston, Massachusetts area at a purchase price of $6.3 million. The property is situated on approximately 2.6 acres and is 100% leased to Jo-Ann Stores, Inc. under a triple-net lease with a remaining term at acquisition of approximately 12 years. As a result of this acquisition, the Company has re-invested 100% of the proceeds from the Minto sale utilizing the 1031 like-kind exchange structure.

On April 13, 2017, the Company completed the sale of approximately 4.5 acres of land for approximately $1.2 million, or approximately $274,000 per acre.

On April 25, 2017, the Company completed the sale of approximately 30 acres of land for approximately $2.9 million, or approximately $98,000 per acre, resulting in an estimated gain of approximately $622,000, or $0.07 per share, after tax.

On April 28, 2017, the Company acquired an approximately 45,000 square-foot single-tenant retail building and an approximately 6,715 square-foot, multi-tenant building in the metropolitan Tampa, Florida area at a purchase price of approximately $14.7 million. The buildings are situated on approximately 5.3 acres. The single-tenant building is 100% leased to LA Fitness and the multi-tenant building is 100% leased to two tenants, with a weighted average remaining term at acquisition of approximately 14 years.