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.
As 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.
Both transactions are expected to close in December 2006.