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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) : December 30, 1997
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Price Development Company Limited Partnership
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(Exact Name of Registrant as Specified in Its Charter)
Maryland 333-34835 87-0516235
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification Number)
____________________________________________________________________________
35 Century Park-Way, Salt Lake City, Utah 84115
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(Address of Principal Executive Offices, Including Zip Code)
Registrant's Telephone Number, Including Area Code: (801) 486-3911
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N/A
____________________________________________________________
(Former Name of Former Address, if Changed Since Last Report)
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Item 2. Acquisition of Assets
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On December 30, 1997, Price Development Company Limited
Partnership (the "Operating Partnership"), acquired the Salem Center
located in Salem, Oregon. The Salem Center, an enclosed regional mall,
is located in Salem's downtown business district covering over five
contiguous city blocks and contains 650,500 square feet of total gross
leasable area ("Total GLA"), of which 212,500 square feet are owned by
the Operating Partnership and 438,000 square feet are tenant owned.
The anchor tenants of the mall are Nordstrom, Mervyns, Meier & Frank,
JCPenney and an ACT III, 7-screen, 2,300 seat theater. At the time of
acquisition, the Salem Center was 97.7% leased based on Total GLA and
had 93% of the mall shops occupied. The purchase price paid for the
Salem Center was $32,500,000 and was financed by using the Operating
Partnership's $200,000,000 unsecured credit facility. The Operating
Partnership purchased the mall from Tristate Joint Venture, a Maryland
limited partnership, pursuant to an Agreement of Purchase and Sale, the
terms of which were determined through arms-length negotiations
between the parties.
The factors considered by the Operating Partnership in determining the
price to be paid for the mall included: its historical and/or expected cash
flow, nature of the tenants and terms of leases in place, occupancy rates,
opportunities for alternative and new tenancies, current operating costs,
taxes on the mall and anticipated changes therein under ownership by the
Operating Partnership, the physical condition and location of the mall,
the anticipated effect on the financial results of JP Realty, Inc. and the
Operating Partnership and other factors. The Company took into
consideration capitalization rates at which it believes other shopping
centers have recently sold, and determined the price it was willing to pay
primarily on the factors discussed above relating to the mall and its fit
with the Company's operations.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a) Financial Statements:
As of the date of this report, is impracticable for the
Operating Partnership to file the required financial
statements with respect to the acquisition of the Salem
Center. Accordingly, such required financial statements
will be filed as soon as they are available, but in no
event later than 60 days after the date on which this
report must be filed.
(b) Pro Forma Financial Information:
As of the date of this report, it is impracticable for the
Operating Partnership to file the required proforma
financial information with respect to the acquisition of
the Salem Center. Accordingly, such required pro forma
financial information will be filed as soon as it is
available, but in no event later than 60 days after the
date on which this report must be filed.
(c) Exhibits:
None.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Price Development Company
Limited Partnership
By: JP Realty, Inc., its general partner
Date January 13, 1998 /s/ John Price
________________ ______________________________
John Price
Chairman of the Board and
Chief Executive Officer
