Business
Real Estate Contract for Sales of 711 Main Parking Garage and 700 Walnut Garage
Real Estate Contract for Sales of 711 Main Parking Garage and 700 Walnut Garage.
About this update from Tower Properties Company
[{"type":"text","content":"On November 28, 2006, the Company entered into a real estate contract to sell the 711 Main Parking Garage and the 700 Walnut Garage in downtown Kansas City, Missouri to Commerce Bank, N.A., a related party. The sales price is $2,380,500. The Company expects to include this sale as a first step of a Sec. 1031 like-kind exchange. \r\n \r\nAs previously reported, on November 10, 2006, the Company entered into a real estate contract with 7400 Place, LLC to purchase the 7400 Place office building in Prairie Village, Kansas. The purchase price is $3,950,000 and the purchase is expected to be included in the Sec. 1031 like-kind exchange discussed above. \r\n\r\nBoth transactions are expected to close in December 2006.\r\n\r\n","length":720,"tagName":"div"}]