Document and Entity Information
Document and Entity Information - Jun. 30, 2015 - shares | Total |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | DTRPI |
Entity Registrant Name | DEL TACO RESTAURANT PROPERTIES I |
Entity Central Index Key | 711,213 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 8,751 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash | $ 241,914 | $ 221,252 |
Receivable from Del Taco LLC | 70,345 | 70,856 |
Other current assets | 1,226 | 1,386 |
Total current assets | 313,485 | 293,494 |
PROPERTY AND EQUIPMENT | ||
Land | 1,633,188 | 1,633,188 |
Land improvements | 296,497 | 296,497 |
Buildings and improvements | 1,013,134 | 1,013,134 |
Machinery and equipment | 1,136,026 | 1,136,026 |
Property and equipment, gross | 4,078,845 | 4,078,845 |
Less-accumulated depreciation | 2,294,145 | 2,279,671 |
Property and equipment, net | 1,784,700 | 1,799,174 |
Total assets | 2,098,185 | 2,092,668 |
CURRENT LIABILITIES | ||
Payable to limited partners | 17,627 | 36,065 |
Accounts payable | 31,146 | 13,984 |
Total current liabilities | 48,773 | 50,049 |
PARTNERS' EQUITY: | ||
Limited partners; 8,751 units outstanding at June 30, 2015 and December 31, 2014 | 1,788,821 | 1,782,096 |
General partner-Del Taco LLC | 260,591 | 260,523 |
Total partners' equity | 2,049,412 | 2,042,619 |
Total liabilities and partners' equity | $ 2,098,185 | $ 2,092,668 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Limited partners, units outstanding | 8,751 | 8,751 |
Statements of Income
Statements of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
RENTAL REVENUES | $ 213,684 | $ 199,422 | $ 423,134 | $ 389,121 |
EXPENSES | ||||
General and administrative | 49,896 | 15,493 | 107,579 | 55,504 |
Depreciation | 7,237 | 7,237 | 14,474 | 14,474 |
Total expenses | 57,133 | 22,730 | 122,053 | 69,978 |
Operating income | 156,551 | 176,692 | 301,081 | 319,143 |
OTHER INCOME | ||||
Interest | 51 | 69 | 112 | 140 |
Other | 2,300 | 1,150 | 2,850 | 1,350 |
Net income | $ 158,902 | $ 177,911 | $ 304,043 | $ 320,633 |
Net income per limited partnership unit (Note 2) | $ 17.98 | $ 20.13 | $ 34.40 | $ 36.27 |
Number of units used in computing per unit amounts | 8,751 | 8,751 | 8,751 | 8,751 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 304,043 | $ 320,633 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 14,474 | 14,474 |
Changes in operating assets and liabilities: | ||
Receivable from Del Taco LLC | 511 | 585 |
Other current assets | 160 | 98 |
Payable to limited partners | (18,438) | (3,401) |
Accounts payable | 17,162 | 15,741 |
Net cash provided by operating activities | 317,912 | 348,130 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash distributions to partners | (297,250) | (343,795) |
Net cash used in financing activities | (297,250) | (343,795) |
Net change in cash | 20,662 | 4,335 |
Beginning cash balance | 221,252 | 224,222 |
Ending cash balance | $ 241,914 | $ 228,557 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and should therefore be read in conjunction with the financial statements and notes thereto contained in the annual report on Form 10-K for the year ended December 31, 2014 for Del Taco Restaurant Properties I (the Partnership or the Company). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the Partnership’s financial position at June 30, 2015, the results of operations for the three and six month periods ended June 30, 2015 and 2014 and cash flows for the six month periods ended June 30, 2015 and 2014 have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Amounts related to disclosure of December 31, 2014 balances within these condensed financial statements were derived from the 2014 audited financial statements. Management has evaluated events subsequent to June 30, 2015 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements. |
Net Income Per Limited Partners
Net Income Per Limited Partnership Unit | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Limited Partnership Unit | NOTE 2 – NET INCOME PER LIMITED PARTNERSHIP UNIT Net income per limited partnership unit is based on net income attributable to the limited partners (after one percent allocation to the general partner) using the weighted average number of units outstanding during the periods presented, which amounted to 8,751 in 2015 and 2014. Pursuant to the partnership agreement, annual partnership net income is allocated one percent to Del Taco LLC, formerly known as Del Taco, Inc., (Del Taco or the General Partner) and 99 percent to the limited partners. A partnership net loss in any year will be allocated 24 percent to the General Partner and 76 percent to the limited partners until the losses so allocated equal income previously allocated. Any additional losses will be allocated one percent to the General Partner and 99 percent to the limited partners. Partnership gains from any sale or refinancing will be allocated one percent to the General Partner and 99 percent to the limited partners until allocated gains and profits equal losses. Additional gains will be allocated 24 percent to the General Partner and 76 percent to the limited partners. |
Leasing Activities
Leasing Activities | 6 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Leasing Activities | NOTE 3 – LEASING ACTIVITIES The Partnership leases six properties for operation of restaurants to Del Taco on a triple net basis. One of these properties has been subleased to a Del Taco franchisee. The leases are for terms of 35 years commencing with the completion of the restaurant facility located on each property and require monthly rentals equal to 12 percent of the gross sales of the restaurants. The leases expire in the years 2020 to 2021. Pursuant to the lease agreements, minimum rentals of $3,500 per month are due to the Partnership during the first six months of any non-operating period caused by an insured casualty loss. For the three months ended June 30, 2015, the five restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $1,535,348 and unaudited net income of $47,416, as compared to unaudited sales of $1,433,641 and unaudited net income of $9,079, respectively, for the corresponding period in 2014. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the increase in net income from the corresponding period of the prior year primarily relates to increases in sales and reduced interest expense. For the three months ended June 30, 2015, the one restaurant operated by a Del Taco franchisee, for which the Partnership is the lessor, had unaudited sales of $245,353 as compared with unaudited sales of $228,211 during the same period in 2014. For the six months ended June 30, 2015, the five restaurants operated by Del Taco, for which the Partnership is the lessor, had combined, unaudited sales of $3,039,610 and unaudited net income of $79,096 as compared to unaudited sales of $2,793,678 and unaudited net losses of $2,654 for the corresponding period in 2014. Net income or loss of each restaurant includes charges for general and administrative expenses incurred in connection with supervision of restaurant operations and interest expense and the increase in net income from the corresponding period of the prior year primarily relates to increases in sales and reduced interest expense. For the six months ended June 30, 2015, the one restaurant operated by a Del Taco franchisee, for which the Partnership is the lessor, had unaudited sales of $486,509 as compared with unaudited sales of $448,999 during the same period in 2014. |
Transactions with Del Taco
Transactions with Del Taco | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Transactions with Del Taco | NOTE 4 – TRANSACTIONS WITH DEL TACO The receivable from Del Taco consists primarily of rent accrued for the month of June 2015. The June rent receivable was collected in July 2015. Del Taco serves in the capacity of general partner in other partnerships which are engaged in the business of operating restaurants, and three other partnerships which were formed for the purpose of acquiring real property in California for construction of Mexican-American restaurants for lease under long-term agreements to Del Taco for operation under the Del Taco trade name. In addition, see Note 5 with respect to certain distributions to the General Partner. |
Distributions
Distributions | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Distributions | NOTE 5 – DISTRIBUTIONS Total cash distributions declared and paid in February and June 2015 were $173,188 and $124,062, respectively. On July 30, 2015, a distribution to the limited partners of $202,244, or approximately $23.11 per limited partnership unit, was approved. Such distribution was paid on August 6, 2015. The General Partner also received a distribution of $2,043 with respect to its one percent partnership interest in August 2015. |
Payable to Limited Partners
Payable to Limited Partners | 6 Months Ended |
Jun. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Payable to Limited Partners | NOTE 6 – PAYABLE TO LIMITED PARTNERS Payable to limited partners represents a reclassification from cash for distribution checks made to limited partners that have remained outstanding for six months or longer. |
Concentration of Risk
Concentration of Risk | 6 Months Ended |
Jun. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | NOTE 7 – CONCENTRATION OF RISK The six restaurants leased to Del Taco make up all of the income producing assets of the Partnership and contributed all of the Partnership’s rental revenues during the three and six months ended June 30, 2015 and 2014. Therefore, the business of the Partnership is entirely dependent on the success of the Del Taco trade name restaurants that lease the properties. The Partnership maintains substantially all of its cash and cash equivalents at one major commercial bank. Although the Partnership at times maintains balances that exceed the federally insured limit, it has not experienced any losses related to these balances and management believes the credit risk to be minimal. |
Communication from Certain Limi
Communication from Certain Limited Partners and Straw Poll Results | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Communication from Certain Limited Partners and Straw Poll Results | NOTE 8 – COMMUNICATION FROM CERTAIN LIMITED PARTNERS AND STRAW POLL RESULTS During the third quarter of 2014, several limited partners communicated to the General Partner their desire to potentially sell all of the properties and then dissolve the Partnership. Pursuant to the partnership agreement, any decision to sell all of the properties and to dissolve the Partnership would require approval from a majority in interest of limited partners. On October 1, 2014 the General Partner initiated a “straw poll” of all limited partners to determine if there was sufficient interest to support exploring a potential sale of the properties and dissolution of the Partnership, as disclosed in Form 8-K filed on October 1, 2014. Limited partner responses to the straw poll were received during the fourth quarter of 2014 and on December 17, 2014, Del Taco filed a Form 8-K to disclose the results of the poll. The poll was intended to gauge interest level only and the results indicated a strong majority of the units responded either “open to” or “strongly in favor of” Del Taco testing the market and presenting a sale proposal to the limited partners for a vote. Accordingly, Del Taco filed a Form 8-K on January 12, 2015 indicating its intention to initiate a sale process to market the properties owned by the Partnership that may result in the presentation of a sale transaction to the limited partners for approval. Del Taco intended to appoint a special committee comprised of a small group of qualified limited partners to facilitate the sale process and to manage any potential conflicts of interest with respect to Del Taco that may arise during the sale process, however, only one timely application was received. Del Taco does not believe one committee member could adequately perform the role required by the committee, and therefore, the sale process has commenced without a special committee and Del Taco will resolve any potential conflicts of interest, if any, pursuant to the Partnership’s partnership agreement and applicable law. On February 17, 2015, MacKenzie Realty Capital, Inc. (“MacKenzie”), a limited partner, filed a schedule TO initiating a tender offer to purchase all units of the Partnership. The MacKenzie tender offer is unrelated to the sale process that Del Taco has initiated. On February 27, 2015, the Partnership filed a Schedule 14D-9 solicitation/recommendation statement in response to the Schedule TO. On March 16, 2015, after evaluating several alternatives, the General Partner engaged CBRE, Inc. (“CBRE”) as its commercial real estate broker to conduct a process to market the properties owned by the Partnership. The General Partner evaluated offers it received and on July 24, 2015, entered into a binding agreement to sell the properties as discussed in Note 9. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9 – SUBSEQUENT EVENTS On July 24, 2015, the Partnership entered into a purchase and sale agreement (the “Agreement”) with Orion Buying Corp. (“Orion”), an unrelated party, which is subject to approval as described below. Pursuant to the Agreement, and upon the terms and subject to the conditions described therein, Orion agreed to purchase all six properties owned by the Partnership (the “Properties”) on an “as is, where is” basis for a total purchase price of $11,471,000 in cash. Pursuant to the terms of the Agreement, Orion is obligated to deposit funds in escrow in an aggregate amount of $312,500. The Agreement may be terminated by Orion (a) within 28 days from the date of execution (the “Contingency Period”), if during such period it objects to any fact, condition, requirement or exception set forth in the title reports, and (b) thereafter, if any contingency set forth in the Agreement is not satisfied by the Partnership by December 31, 2015, and in either case, Orion will be refunded its deposits. However, if after the Contingency Period the Partnership is in default, and Orion is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and Orion has satisfied all of its obligations, then Orion may either (i) terminate the Agreement and receive a refund of its deposits and also recover from the Partnership its reasonable out-of-pocket costs in connection with the Agreement (but not to exceed $50,000) as liquidated damages, or (ii) bring a suit for specific performance. If a contingency to the Partnership closing set forth in the Agreement is not satisfied by December 31, 2015, then the Partnership may terminate the Agreement and Orion will be refunded its deposits. However, if Orion is in default, and the Partnership is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and the Partnership has satisfied all of its obligations, then the Partnership may terminate the Agreement and receive Orion’s deposits as liquidated damages. Following completion of the transaction, the current leases on the Properties will be terminated and the General Partner will lease the Properties from Orion. The sale of the Properties pursuant to the terms and conditions of the Agreement is subject to approval of a majority interest of the limited partners of the Partnership and other customary closing conditions related to the sale of real property. If the transaction is consummated, CBRE, Inc., the real estate broker for the sale of the properties by the Partnership, will receive a commission of 1.5% of the purchase price. If the sale is approved by the majority interest of limited partners of the Partnership, the sale is expected to close during the fourth quarter of 2015. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and should therefore be read in conjunction with the financial statements and notes thereto contained in the annual report on Form 10-K for the year ended December 31, 2014 for Del Taco Restaurant Properties I (the Partnership or the Company). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the Partnership’s financial position at June 30, 2015, the results of operations for the three and six month periods ended June 30, 2015 and 2014 and cash flows for the six month periods ended June 30, 2015 and 2014 have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Amounts related to disclosure of December 31, 2014 balances within these condensed financial statements were derived from the 2014 audited financial statements. Management has evaluated events subsequent to June 30, 2015 through the date that the accompanying condensed financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements. |
Net Income Per Limited Partnership Unit | NET INCOME PER LIMITED PARTNERSHIP UNIT Net income per limited partnership unit is based on net income attributable to the limited partners (after one percent allocation to the general partner) using the weighted average number of units outstanding during the periods presented, which amounted to 8,751 in 2015 and 2014. Pursuant to the partnership agreement, annual partnership net income is allocated one percent to Del Taco LLC, formerly known as Del Taco, Inc., (Del Taco or the General Partner) and 99 percent to the limited partners. A partnership net loss in any year will be allocated 24 percent to the General Partner and 76 percent to the limited partners until the losses so allocated equal income previously allocated. Any additional losses will be allocated one percent to the General Partner and 99 percent to the limited partners. Partnership gains from any sale or refinancing will be allocated one percent to the General Partner and 99 percent to the limited partners until allocated gains and profits equal losses. Additional gains will be allocated 24 percent to the General Partner and 76 percent to the limited partners. |
Concentration of Risk | CONCENTRATION OF RISK The six restaurants leased to Del Taco make up all of the income producing assets of the Partnership and contributed all of the Partnership’s rental revenues during the three and six months ended June 30, 2015 and 2014. Therefore, the business of the Partnership is entirely dependent on the success of the Del Taco trade name restaurants that lease the properties. The Partnership maintains substantially all of its cash and cash equivalents at one major commercial bank. Although the Partnership at times maintains balances that exceed the federally insured limit, it has not experienced any losses related to these balances and management believes the credit risk to be minimal. |
Net Income Per Limited Partne16
Net Income Per Limited Partnership Unit - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Line Items] | ||||
Percentage of net income allocated general partner | 1.00% | |||
Weighted average number of units outstanding to limited partners | 8,751 | 8,751 | 8,751 | 8,751 |
General Partner [Member] | ||||
Earnings Per Share [Line Items] | ||||
Percentage of net income allocated general partner | 1.00% | |||
Percentage of net loss allocated general partner | 24.00% | |||
Percentage of additional losses allocated to general partner | 1.00% | |||
Percentage of gain on sale and refinancing allocated to general partner | 1.00% | |||
Percentage of additional gain on sale and refinancing allocated to general partner | 24.00% | |||
Limited Partners [Member] | ||||
Earnings Per Share [Line Items] | ||||
Percentage of net income allocated limited partners | 99.00% | |||
Percentage of net loss allocated limited partners | 76.00% | |||
Percentage of additional losses allocated to limited partners | 99.00% | |||
Percentage of gain on sale and refinancing allocated to limited partners | 99.00% | |||
Percentage of additional gain on sale and refinancing allocated to limited partners | 76.00% |
Leasing Activities - Additional
Leasing Activities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Restaurants | Jun. 30, 2014USD ($)Restaurants | Jun. 30, 2015USD ($)Restaurants | Jun. 30, 2014USD ($)Restaurants | |
Operating Leased Assets [Line Items] | ||||
Number of restaurants leased to Del Taco | 6 | 6 | 6 | 6 |
Number of properties subleased to Del Taco franchisee | 1 | |||
Number of lease years | 35 years | |||
Percentage of gross sales of restaurants | 12.00% | |||
Leases expiration period | ||||
Minimum rentals due to partnership | $ | $ 3,500 | |||
Number of restaurants operated | 5 | 5 | ||
Combined unaudited sales | $ | $ 1,535,348 | $ 1,433,641 | $ 3,039,610 | $ 2,793,678 |
Combined unaudited net income (losses) | $ | $ 47,416 | 9,079 | $ 79,096 | (2,654) |
Del Taco franchisee [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Number of restaurants operated | 1 | 1 | ||
Combined unaudited sales | $ | $ 245,353 | $ 228,211 | $ 486,509 | $ 448,999 |
Transactions with Del Taco - Ad
Transactions with Del Taco - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015Acquisition | |
Related Party Transactions [Abstract] | |
Number of other partnerships formed for acquisition | 3 |
Distributions - Additional Info
Distributions - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended |
Feb. 28, 2015 | Jun. 30, 2015 | |
Cash Distributions [Abstract] | ||
Total cash distributions declared and paid | $ 173,188 | $ 124,062 |
Distribution to limited partner, declaration date | Jul. 30, 2015 | |
Distribution to limited partners, amount approved | $ 202,244 | |
Distribution to limited partner, per unit amount declared | $ 23.11 | |
Distribution to limited partner, distribution date | Aug. 6, 2015 | |
Distributions to general partner | $ 2,043 | |
General partner, partnership interest percentage | 1.00% | |
Distribution to general partner, distribution date | Aug. 31, 2015 |
Payable to Limited Partners - A
Payable to Limited Partners - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Period of payable outstanding to limited partners | Six months or longer |
Concentration of Risk - Additio
Concentration of Risk - Additional Information (Detail) | Jun. 30, 2015RestaurantsCommercialBank | Jun. 30, 2014Restaurants |
Risks and Uncertainties [Abstract] | ||
Number of restaurants leased to Del Taco | 6 | 6 |
Commercial bank | CommercialBank | 1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Purchase and Sale Agreement [Member] | Jul. 24, 2015USD ($)Property | Jun. 30, 2015 |
Orion Buying Corp [Member] | ||
Subsequent Event [Line Items] | ||
Agreement termination description | The Agreement may be terminated by Orion (a) within 28 days from the date of execution (the “Contingency Period”), if during such period it objects to any fact, condition, requirement or exception set forth in the title reports, and (b) thereafter, if any contingency set forth in the Agreement is not satisfied by the Partnership by December 31, 2015, and in either case, Orion will be refunded its deposits. However, if after the Contingency Period the Partnership is in default, and Orion is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and Orion has satisfied all of its obligations, then Orion may either (i) terminate the Agreement and receive a refund of its deposits and also recover from the Partnership its reasonable out-of-pocket costs in connection with the Agreement (but not to exceed $50,000) as liquidated damages, or (ii) bring a suit for specific performance. If a contingency to the Partnership closing set forth in the Agreement is not satisfied by December 31, 2015, then the Partnership may terminate the Agreement and Orion will be refunded its deposits. However, if Orion is in default, and the Partnership is not in default, in the performance of any of its representations, warranties or covenants under the Agreement, and the Partnership has satisfied all of its obligations, then the Partnership may terminate the Agreement and receive Orion’s deposits as liquidated damages. Following completion of the transaction, the current leases on the Properties will be terminated and the General Partner will lease the Properties from Orion. The sale of the Properties pursuant to the terms and conditions of the Agreement is subject to approval of a majority interest of the limited partners of the Partnership and other customary closing conditions related to the sale of real property. If the transaction is consummated, CBRE, Inc., the real estate broker for the sale of the properties by the Partnership, will receive a commission of 1.5% of the purchase price. If the sale is approved by the majority interest of limited partners of the Partnership, the sale is expected to close during the fourth quarter of 2015. | |
Subsequent Events [Member] | Orion Buying Corp [Member] | ||
Subsequent Event [Line Items] | ||
Number of properties to be sold | Property | 6 | |
Total purchase price | $ 11,471,000 | |
Deposit funds in escrow | $ 312,500 | |
Subsequent Events [Member] | CBRE, Inc [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of brokerage commission on total purchase price | 1.50% | |
Subsequent Events [Member] | Maximum [Member] | Orion Buying Corp [Member] | ||
Subsequent Event [Line Items] | ||
Contingency period | 28 days | |
Liquidated damages | $ 50,000 |