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Real Estate Acquired and Sold
 9 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Real Estate Acquired and Sold
Real Estate Acquired and Sold
1580, 1582 and 1584 Rockville Pike
In January 2014, the Company purchased for $8.0 million 1580 Rockville Pike and incurred acquisition costs of $0.2 million. In April 2014, the Company purchased for $11.0 million 1582 Rockville Pike and incurred acquisition costs of $0.2 million. In December 2014, the company purchased for $6.2 million 1584 Rockville Pike and incurred acquisition costs of $0.2 million. These retail properties are contiguous with each other and the Company's asset at 1500 Rockville Pike and are located in Rockville, Maryland.
Olney Center
In April 2014, in conjunction with the purchase of 1582 Rockville Pike in Rockville, Maryland, the Company concurrently sold to the seller, for $11.0 million, the 53,765 square foot Olney Center located in Olney, Maryland. Simultaneously with the sale of the Olney Center, the Company entered into a lease of the property with the buyer and continues to operate, lease and manage the property. The lease term is 20 years and the Company has the option to purchase the property for $14.6 million at the end of the lease term. The purchaser has the right to sell the property to the Company at any time from and after April 2016 at a price equal to $11.0 million increased by 1.5% annually beginning January 1, 2015 and continuing each January thereafter. The Company has accounted for this transaction as a secured financing.
Giant Center
In April 2014, the Company sold for $7.5 million the 70,040 square foot Giant Center located in Milford Mill, Maryland and recognized a $6.1 million gain. As of March 31, 2014, the carrying amounts of the associated assets and liabilities were $0.5 million and $0.1 million, respectively. There was no debt on the property.
726, 730 and 750 Glebe Road
In August 2014, the Company purchased for $40.0 million, 750 N. Glebe Road and incurred acquisition costs of $0.4 million. In December 2014, the Company purchased for $2.8 million, 730 N. Glebe Road, and incurred acquisition costs of $40,400. In September 2015, the Company purchased for $4.0 million, 726 N. Glebe Road and incurred acquisition costs of $56,700. These retail properties are contiguous and are located in Arlington, Virginia.
Westview Pad
In February 2015, the Company purchased for $0.9 million, including acquisition costs, a 1.1 acre retail pad site in Frederick, Maryland, which is contiguous with and an expansion of the Company's other Westview asset.
Allocation of Purchase Price of Real Estate Acquired
The Company allocates the purchase price of real estate investment properties to various components, such as land, buildings and intangibles related to in-place leases and customer relationships, based on their fair values. See Note 2. Summary of Significant Accounting Policies-Real Estate Investment Properties.
During 2014, the Company purchased five properties at an aggregate cost of $68.0 million, and incurred acquisition costs of $0.9 million. The purchase prices were allocated to the assets acquired and liabilities assumed based on their fair value as shown in the following table.
(in thousands)
1580
Rockville Pike
 
1582
Rockville Pike
 
750 N.
Glebe Road
 
730 N.
Glebe Road
 
1584
Rockville Pike
 
Total
Land
$
9,600

 
$
9,742

 
$
38,224

 
$
2,683

 
$
5,798

 
$
66,048

Buildings
2,200

 
828

 
1,327

 
78

 
440

 
4,874

In-place Leases
513

 
849

 
449

 
39

 
249

 
2,099

Above Market Rent
—

 
—

 
—

 
—

 
—

 
—

Below Market Rent
(4,313
)
 
(419
)
 
—

 
—

 
(337
)
 
(5,070
)
Total Purchase Price
$
8,000

 
$
11,000

 
$
40,000

 
$
2,800

 
$
6,150

 
$
67,950