Deposit on Real Estate

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Deposit on Real Estate

8. Deposit on Real Estate

On November 2, 2017, the Company entered into an Agreement to purchase from AREP 5400 East Avenue LLC certain buildings in West Palm Beach, Florida, totaling approximately 80,000 square feet, on which the present tenant operates a substance abuse treatment center. The purchase price of the Property is $20,530,000, and the Company is obligated under the Agreement to make a series of nonrefundable down payments totaling $2,210,000. To date the Company has made deposits amounting to $1,825,000, primarily through borrowed funds, refer note 13 and 16 below.