| Purchase Date |
10/02/2006 |
|---|
| Purchase Price |
$2,200,000 |
|---|
| Total Cost |
$2,200,000 |
|---|
| Current Occupancy |
100 |
|---|
| Lease Type |
Triple Net |
|---|
| Sales Date |
Not Sold |
|---|
The Giddings property represents 2.16 acres of land and a 15,225 square foot Ultimate Ford dealership of Giddings, Texas. This dealership has been at this location for over 20 years. Dealership, LP purchased the land and building for a price of $1,800,000. In addition, the current leasee will lease the property for a period of 36 months with a ten year renewal period at a monthly triple net lease amount of $15,000 with annual increases. In mid 2005, a full appraisal of the property was performed by a licensed appraiser, who valued the property at $2,000,000.
The Hubbard property represents 1.19 acres of land and a 12,432 square foot Utlimate Ford dealership of Hubbard, Texas. The site is broken down as follows which total 1.19 acres: Site 1-0.24 acres, Site 2-0.32 acres, Site 3-0.20 acres, Site 4-.43 acres. The land and building was purchased for a price of $400,000. The current leasee will lease the property for a period of 36 months, with a ten year renewal period at a monthly triple net lease amount of $6,000 with annual increases. In Nov 2004, a full appraisal of the property was performed by a licensed appraiser, who valued the property at $750,000.
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