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Mortgages Payable (Tables)
 12 Months Ended
Dec. 31, 2012
Debt Disclosure [Abstract]  
Mortgages Payable [Table Text Block]

Mortgages payable consisted of the following:

 

    December 31,
2012		     December 31,
2011		  
Note payable in monthly installments of interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% with balloon payment due April 4, 2018; collateralized by related real estate and tenants' leases   $ 25,000,000     $ -  
                 
Note payable in monthly installments of interest only at 3.60% per annum, with balloon payment due January 1, 2023; collateralized by related real estate and tenants' leases     23,640,000       -  
                 
Note payable in monthly principal installments of $47,250 plus interest at 170 and 150 basis points over LIBOR at December 31, 2012 and 2011, respectively, currently swapped to a fixed rate of 3.74%. A final balloon payment in the amount of $19,744,758 is due on May 14, 2017 unless extended for a two year period at the option of the Company, collateralized by related real estate and tenants’ leases     22,601,978       23,150,078  
                 
Note payable in monthly installments of $153,838 including interest at 6.90% per annum, with the final monthly payment due January 2020; collateralized by related real estate and tenants’ leases     10,320,440       11,413,113  
                 
Note payable in monthly installments of $91,675 including interest at 6.27% per annum, with a final monthly payment due July 2026; collateralized by related real estate and tenants’ leases     10,042,152       10,497,009  
                 
Note payable in monthly installments of $60,097 including interest at 5.08% per annum, with a final balloon payment in the amount of $9,167,573 due June 2014; collateralized by related real estate and tenants’ leases     9,509,011       -  
                 
Note payable in monthly installments of $128,205 including interest at 11.20% per annum; collateralized by related real estate and tenants’ leases. Consensual deed-in-lieu of foreclosure satisfied the loan in March 2012     -       9,173,789  
                 
Note payable in monthly installments of $99,598 including interest at 6.63% per annum, with the final monthly payment due February 2017; collateralized by related real estate and tenants’ leases     4,340,850       5,216,465  
                 
Note payable in monthy interest-only installments of $48,467 at 6.56% annum, with a balloon payment in the amount of $8,580,000 due June 11, 2016; collateralized by related real estate and tenants’ leases     8,580,000       -  
                 
Note payable in monthly installments of $23,004 including interest at 6.24% per annum, with the final balloon payment of $2,766,628 due February 2020; collateralized by related real estate and tenant lease     3,341,711       3,403,603  
Total   $ 117,376,142     $ 62,854,057  
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

As of December 31, 2012, the future scheduled principal payments on mortgages payable are as follows (in thousands):

 

For the Year Ending December 31,        
2013   $ 3,478  
2014     12,730  
2015     3,692  
2016     12,520  
2017     22,490  
Thereafter     62,466  
         
Total   $ 117,376