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Subsequent Events
9 Months Ended
Sep. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events

12. SUBSEQUENT EVENTS

 

Wendy’s – Martinez, GA

 

The lease for this Property expired on November 6, 2016, and, as expected, the tenant did not renew the lease, and vacated the Property. An appraisal for this Property was completed earlier this year, and the appraised value was $530,000 or $11.45 per unit. The Partnership intends to immediately pursue either a new tenant lease or a sale of the Property.

 

Mini-Tender Offer

 

On November 8, 2016, the Partnership filed a Current Report on Form 8-K reporting that it received notice on November 3, 2016 of an unsolicited mini-tender offer to purchase up to 4.99% of the outstanding limited partnership units of the Partnership from limited partners of the Partnership at a price of $286.00 per limited partnership interest, less transfer fees of $100 per investor and less any distributions paid or payable after October 21, 2016.  The Partnership expresses no opinion and is remaining neutral towards the tender offer. The Partnership also filed a letter to the limited partners dated November 8, 2016 providing further information regarding the unsolicited mini-tender offer. 

 

We have reviewed all material events through the date of this report in accordance with ASC 855-10.