Business
Completion of Sale of Assets and Purchase of Assets
Completion of Sale of Assets and Purchase of Assets.
About this update from Tower Properties Company
[{"type":"text","content":"On December 14, 2006, the Company completed the sale of the 711 Main Parking Garage and the 700 Walnut Garage in downtown Kansas City, Missouri to Commerce Bank, N.A., a related party, pursuant to the Real Estate Contract entered into on November 28, 2006, as reported on a news release to Pink Sheets on December 11, 2006. The sales price was $2,380,500 and after closing expenses, $2,345,857 was paid in cash to an intermediary that was later utilized in connection with the purchase discussed below in a Sec. 1031 like-kind exchange. \r\n \r\nOn December 15, 2006, the Company completed the purchase of the 7400 Place office building in Prairie Village, Kansas from 7400 Place, LLC, pursuant to the Real Estate Contract entered into on November 10, 2006, as reported in news releases to Pink Sheets on November 21, 2006 and December 11, 2006. The purchase price was $3,950,000. The above sale and this purchase were a part of a complete Sec. 1031 like-kind exchange. \r\n","length":972,"tagName":"div"}]