CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2019		Dec. 31, 2018
Investments in real estate
Land		$ 15,217		$ 15,217
Building and improvements		31,697		31,697
Tenant improvements		1,524		1,479
Investments in real estate, gross		48,438		48,393
Accumulated depreciation		(4,216)		(3,917)
Investments in real estate, net		44,222		44,476
Properties under development and development costs
Land		25,851		25,851
Buildings		566		570
Development costs		14,739		13,813
Properties under development and development costs		41,156		40,234
Cash, cash equivalents and restricted cash		3,254		3,347
Prepaid expenses and other assets, net		105		137
Tenant receivables, net of $40 and $40 bad debt reserve		1,122		1,084
Investments in unconsolidated joint ventures		2,719		2,701
Lease intangibles, net		1,810		1,890
Deferred financing costs, net		578		736
TOTAL ASSETS (1)		94,966	[1]	94,605
LIABILITIES
Notes payable, net		36,063		34,536
Accounts payable and accrued expenses		1,310		1,224
Amounts due to affiliates		12		30
Other liabilities		258		375
Below-market lease liabilities, net		355		370
TOTAL LIABILITIES (1)		37,998		36,535
Commitments and contingencies (Note 12)
EQUITY
Preferred stock, $0.01 par value; 50,000,000 shares authorized, none issued and outstanding		0		0
Common stock, $0.01 par value; 400,000,000 shares authorized; 10,842,444 and 10,863,299 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively		110		110
Additional paid-in capital		95,210		95,336
Accumulated deficit		(39,501)		(38,546)
Total stockholders’ equity		55,819		56,900
Non-controlling interests		1,149		1,170
TOTAL EQUITY		56,968		58,070
TOTAL LIABILITIES AND EQUITY		94,966		94,605
Variable Interest Entity, Primary Beneficiary [Member]
Properties under development and development costs
Land		25,851		25,851
Buildings		566		570
Development costs		14,739		13,813
Properties under development and development costs		41,156		40,234
Cash, cash equivalents and restricted cash		386		276
Prepaid expenses and other assets, net		6		9
Lease intangibles, net		4		4
TOTAL ASSETS (1)	[2]	41,552		40,523
LIABILITIES
Notes payable, net	[3]	17,193		17,166
Accounts payable and accrued expenses		241		132
Amounts due to affiliates		9		8
Other liabilities		9		9
TOTAL LIABILITIES (1)		$ 17,452		$ 17,315

[1] As of March 31, 2019 and December 31, 2018, includes approximately $41.6 million and $40.5 million, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $17.5 million and $17.3 million, respectively, of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. Refer to Note 4. “Variable Interest Entities”.

[2] The assets of the Sunset & Gardner Joint Venture and Wilshire Joint Venture can be used only to settle obligations of the respective consolidated joint ventures.

[3] As of both, March 31, 2019 and December 31, 2018, includes reclassification of approximately $0.3 million of deferred financing costs, net, as a contra-liability. The creditors of the consolidated joint ventures do not have recourse to the general credit of the Company. The notes payable of the consolidated joint ventures are not guaranteed by the Company.