On June 8, 2011, Tower Properties Company completed the sale of the surface parking lot at 8th and Wyandotte Streets located in downtown Kansas City, Missouri to Lucas Place Lofts, LLC pursuant to the Real Estate Contract entered into on March 12, 2010, as reported on a news release to OTC Markets on March 16, 2010. The sale price was $1,950,000 and after the payment of the associated debt and other closing expenses, $455,733.45 was paid in cash to an intermediary that may be utilized in connection with a Sec. 1031 like-kind exchange.