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Subsequent Events
9 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 11 – SUBSEQUENT EVENTS

 

Material subsequent events have been evaluated and are disclosed herein.

 

On July 10, 2014 a 55,037 square foot building expansion leased to FedEx Ground Package System, Inc. located in Cocoa, FL was completed for a cost of approximately $3,700,000 resulting in an increase in annual rent effective July 10, 2014 from $738,504 to $1,102,764. In addition, the expansion resulted in a new 10 year lease which extended the current lease expiration date from November 19, 2016 to September 30, 2024.

 

On July 18, 2014, the Company entered into a three year lease agreement, which became effective August 1, 2014, with Charlotte Pipe and Foundry Company for a 160,000 square foot building located in Monroe, NC which was previously vacant. Rent commenced August 1, 2014 at an annual rate of $560,000 or $3.50 per square foot with 2% increases each year, resulting in annualized base rent over the life of the lease of $571,275 or $3.57 per square foot. The Company’s occupancy rate was 94.3% as of June 30, 2014. Due to filling this previously vacant space, the Company’s occupancy rate as of August 1, 2014 increased to 95.8%.