3.    REAL ESTATE TRANSACTIONS

On April 1, 2015, the Company acquired vacant land to accommodate the development of 370 multi-family residential units located in Worcester, Massachusetts (the “CitySquare Project”) for a purchase price of $3.1 million with an additional $1.25 million to be paid, subject to certain conditions, in accordance with the terms of the purchase and sale agreement.  The purchase price for the acquisition was funded primarily through borrowing under the Company’s unsecured revolving credit facility.  The Company is required to begin construction of the CitySquare Project within 12 months of closing.  The Company plans to start construction in the third quarter 2015 and the total development costs are estimated to be approximately $88 million.   

On January 15, 2015, the Company sold its 21,600 square foot office/flex property located at 1451 Metropolitan Drive in West Deptford, New Jersey for net sales proceeds of approximately $1.1 million, with a gain of approximately $0.1 million from the sale. 

On January 1, 2014, the Company early adopted the new discontinued operations accounting standard and as the properties sold during the three months ended March 31, 2015 and the year ended December 31, 2014, will not represent a strategic shift (as the Company is not entirely exiting markets or property types), they have not been reflected as part of discontinued operations.

The following table summarizes income for the three month periods ended March 31, 2015 and 2014 from the property sold during the three months ended March 31, 2015 and the 16 properties sold during the year ended December 31, 2014: (dollars in thousands)