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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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) October 10, 2000.
Wilshire Real Estate Investment Inc.
(Exact Name of Registrant as Specified in Charter)
Maryland 0-23911 52-2081138
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1631 SW Columbia Street, Portland, OR 97201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (503) 721-6500
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On October 10, 2000, Wilshire Real Estate Investment Inc. (the
"Company") sold five retail buildings and an office
complex/warehouse/distribution center, totaling 444,864 square feet, to Madrona
Park II, LLC, an unaffiliated third party. The retail buildings are located in
Salem, Milwaukie, Oak Grove, Tualatin and Gresham, all in the State of Oregon.
The office complex/warehouse/distribution center is located in Wilsonville,
Oregon. The properties were sold for approximately $28.8 million. The purchase
price was determined through arms length negotiations between the Company and
the buyer. As part of the sale, the buyer assumed debt of approximately $20.3
million.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(b) PRO FORMA FINANCIAL INFORMATION.
Pro forma financial information related to the sale of the properties
listed in Item 2 is attached hereto and incorporated herein by reference, as
Exhibit 99.1.
(c) EXHIBITS.
The following exhibits are filed as part of this report:
2.1 Real Estate Purchase and Sale Agreement dated July 28, 2000 by
and among WREP 1998-1 LLC and Watumull Properties Corp.
2.2 Real Estate Purchase and Sale Agreement dated July 28, 2000 by
and among WREP 1998-1 LLC and Madrona Park L.L.C.
2.3 Amendment to Real Estate Purchase and Sale Agreement dated
October 6, 2000 by and among WREP 1998-1 LLC, Madrona Park
LLC, Madrona Park II, LLC and Watumull G.I. Joes, LLC.
99.1 Pro forma financial information.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Wilshire Real Estate Investment Inc. has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Date: October 25, 2000
WILSHIRE REAL ESTATE
INVESTMENT INC.
By: /S/ LAWRENCE A. MENDELSOHN
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Lawrence A. Mendelsohn
President
By: /S/ CHRIS TASSOS
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Chris Tassos
Executive Vice President and Chief
Financial Officer
