Business
Completion of Sale of Assets
Completion of Sale of Assets.
About this update from Tower Properties Company
[{"type":"text","content":"On November 15, 2013, Tower Properties Company (?Company?) completed the sale of the 9909 Lakeview Avenue Warehouse in Lenexa, Kansas pursuant to the Real Estate Contract entered into on August 15, 2013 as reported on a news release to OTC Markets on August 20, 2013. The sales price was $4,700,000 which resulted in a net gain on sale of $2,032,000, and after the Company paid off the associated loan, the sales commission and other costs at closing, $3,475,747.25 was paid in cash to an intermediary. This cash may be utilized in connection with a future Sec. 1031 like-kind exchange purchase. The loan on the 9909 Lakeview Warehouse originated on February 11, 1997. The loan was originally a $2,720,000 20-year-non-recourse loan at 7.7% that was scheduled to mature on February 1, 2017. The outstanding balance at the time of pay off was $782,621. Associated with the November 15, 2013 loan payoff, the Company paid a prepayment penalty of $100,930. ","length":1459,"tagName":"div"}]