ITT Educational Services Inc. (NYSE:ESI) entered into an agreement to sell Property located at 670 Carnegie Drive, San Bernardino, California from ITT Educational Services Inc. for $6.9 million on August 11, 2016. Under the terms of the agreement, New River Development deposited $0.18 million as of August 17, 2016 and will pay approximately $6.7 million within 45 days of the satisfaction or waiver of customary due diligence and contingencies and ITT Educational Services will lease back the property for an initial term of 10 years and two, five-year options to extend the term of the lease. Net proceeds of the transaction will be used by ITT Educational Services to make a prepayment on the loans, of amount $6.5 million, plus a prepayment premium of 1% of the prepayment amount. The transaction is subject to consummation of due diligence and buyer securing financing for a portion of the purchase price and expected to close within 45 days of the satisfaction or waiver of conditions.