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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
March 13, 1995
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Date of Report
(Date of Earliest Event Reported)
Pacific Real Estate Investment Trust
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(Exact name of registrant as
specified in its charter)
0-8725 California 94-1572930
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(Registration (State or Other (IRS Employer
file Jurisdiction of Identification
Number) Incorporation) Number)
1010 El Camino Real #210, Menlo Park CA 94025
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(415) 327-7147
(800) 366-6707...Wats line for all states
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
(a) The Trust was organized to acquire, manage and ultimately sell income-
producing real properties. In the course of its business, LAKESHORE PLAZA,
located in San Francisco, California, was sold on March 13, 1995.
TERMS OF ORIGINAL ACQUISITION
On October 1991, the Trust acquired an option to purchase Lakeshore Plaza
Shopping Center for $326,000. The Trust acquired the property in June 17, 1992
and was in the process of redeveloping the property. The purchase price was
$13,065,000. The Trust's mortgage loan encumbering the property owned by the
Trust was a first from Lincoln National for $16,600,000 and a second from Yale
University for $4,000,000.
TERMS OF DISPOSITION AND FINANCING
Lakeshore Plaza Shopping Center was sold for $31,292,000. After payment of
the existing first and second loan balances of approximately $15,879,655 and
$4,020,000, respectively, estimated expense related to the sale of $1,750,000
and a assumption charge of $158,000 the proceeds to the Trust were approximately
$9,500,000.
CARRYING AMOUNT AT DATE OF SALE
At the date of sale, the carrying amount of land and improvements and note
payable discount and deferred refinancing fees for financial statement purposes
was $31,292,000.
LOSS ON SALE
The loss on sale of Lakeshore Plaza Shopping Center of $4,400,000 was
recognized in 1994 as a loss on impairment of property value.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial statements.
Not applicable.
(b) Pro forma Financial Information.
Historical financial information and pro forma financial information
relating to the sale of Lakeshore Plaza Shopping Center will be
included within 30 days of this Form 8-K.
(c) Exhibits.
Upon their receipt the Trust will amend its Form 8-K to include the
disposition documents for Lakeshore Plaza Shopping Center.
/s/ Wilcox Patterson March 27, 1995
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Wilcox Patterson Date
/s/ Robert Ch. Gould March 27, 1995
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Robert Ch. Gould Date
/s/ Harry E. Kellogg March 27, 1995
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Harry E. Kellogg Date
