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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) - June 7, 1994
WESTERN INVESTMENT REAL ESTATE TRUST
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(Exact name of registrant as specified in its charter)
California 0-2809 94-6100058
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
3450 California Street, San Francisco, CA 94118
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number
including area code (415) 929-0211
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ITEM 2: ACQUISITION OR DISPOSITION OF ASSETS
On June 7, 1994, Western Investment Real Estate Trust ("the Trust") completed
the acquisition of three properties totaling 283,550 square feet of retail space
for $34.3 million in cash. The Trust funded the purchase using $20.2 million
remaining from its recent senior debt offering, $7.1 million of proceeds from
the sale of properties and $7 million from its bank line of credit. The
centers, located in Elk Grove, Fair Oaks and Manteca, serve the Sacramento and
Central Valley areas of California. The Trust purchased the properties from
Riley/Pearlman/Mitchell Company affiliated partnerships. Each property was
acquired from an unrelated seller for consideration agreed upon through arm's
length bargaining.
The Elk Grove property consists of an 89,600-square-foot portion of the Laguna
99 Plaza in Elk Grove, a bedroom community fifteen miles south of Sacramento.
This property is located at the intersection of Highway 99 and Elk Grove
Boulevard. Anchor retailers of the 200,000-square-foot center include Wal-Mart.
Major tenants of the Trust's portion of the property, which is 96% leased,
include Pak 'N Save Supermarket and Lyon's Restaurant. Elk Grove's population
has more than doubled in the last five years to a population of 58,000 in 1993.
The Fair Oaks property consists of the 97,300-square-foot Northridge Plaza in
Fair Oaks, a residential community ten miles northwest of Sacramento. Anchor
retailers of this center, which is 95% leased, include Raley's supermarket and
Bank of America. Fair Oaks, which is part of the greater Sacramento metropolitan
area, is a mature middle and upper-middle class residential community with a
population of 27,000.
The third property, located in Manteca, lies fifteen miles south of Stockton in
the Central Valley area of California. The Trust acquired a 96,650-square-foot
portion of the Mission Ridge Plaza, located at the intersection of Highway 120
and South Main Street. Anchor retailers of the 325,000-square-foot center
include Wal-Mart and Mervyn's. Major tenants of the Trust's portion of the
center include Pak 'N Save Supermarket, Fashion Bug, Clothestime and Big 5
Sporting Goods. The center is fully leased.
ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS
Required financial information disclosures with respect to the above
acquisitions will be filed within sixty (60) days of this report.
Exhibit A - Press Release dated June 8, 1994.
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SIGNATURE
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, thereto duly authorized.
WESTERN INVESTMENT REAL ESTATE TRUST
By: /s/Dennis D. Ryan
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Dennis D. Ryan
Vice President and Chief Financial Officer
Dated: June 20, 1994
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WESTERN INVESTMENT
REAL ESTATE TRUST
P R E S S R E L E A S E
Contact: Barbara J. Donham, Trust Secretary
Phone: 415/929-0211 Fax: 415/929-0905
Address: 3450 California Street, San Francisco, CA 94118
Realease Date: June 8, 1994
WESTERN INVESTMENT REAL ESTATE TRUST ACQUIRES THREE
COMMUNITY SHOPPING CENTERS IN CALIFORNIA
San Francisco, June 8, 1994: Western Investment Real Estate Trust
(ASE/WIR) announced today that it acquired three community shopping
centers totaling 283,550 square feet of retail space for $34.3 million
in cash, including the proceeds of a tax-deferred exchange. The
centers, located in Elk Grove, Fair Oaks and Manteca, serve the
Sacramento and Central Valley areas of California. Western purchased
the properties from Riley/Pearlman/Mitchell Company affiliated
partnerships.
Western acquired an 89,600-square-foot portion of the Laguna 99
Plaza in Elk Grove, a bedroom community fifteen miles south of
Sacramento. The center lies on Highway 99 at the intersection of Elk
Grove Boulevard. Anchor retailers of the 209,000-square-foot center
include Wal-Mart. Major tenants of Western's portion of the property,
which is 98% leased, include Pak `N Save (Safeway) Supermarket and
Lyon's Restaurant. Elk Grove's population has more than doubled in the
last five years to a population of 58,000 in 1993.
Western also purchased the 97,300-square-foot Northridge Plaza in
Fair Oaks, a residential community ten miles northwest of Sacramento.
Anchor retailers of this center, which is 95% leased, include Raley's
Supermarket and Bank of America. Fair Oaks, which is part of the
greater Sacramento metropolitan area, is a mature middle and upper-
middle class residential community with a population of 27,000.
The third property, located in Manteca, lies fifteen miles south
of Stockton in the Central Valley area of California. Western acquired
a 96,650-square-foot portion of the Mission Ridge Plaza, located at the
intersection of Highway 120 and South Main Street. Anchor retailers of
the 325,000-square-foot center include Wal-Mart and Mervyn's. Major
tenants of Western's portion of the center include Pak 'N Save
(Safeway) Supermarket, Fashion Bug, Clothestime and Big 5 Sporting
Goods. The center is fully leased.
Western Investment Real Estate Trust, a self-administered equity
real estate investment trust, invests primarily in community shopping
centers and commercial buildings located in Northern and Central
California and Nevada. Based in San Francisco, Western now owns a
portfolio of 59 income-producing properties. Western was founded in
1962.
