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 28, 1995
Brauvin Real Estate Fund I
(Exact name of registrant as specified in its charter)
Illinois 0-10293 36-3121769
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
organization) Number)
150 South Wacker Drive, Suite 3200, Chicago, Illinois 60606
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 443-0922
Not Applicable
(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets
On July 19, 1995, Phoenix Home Life Mutual Life Insurance Company
(the "Lender") filed a Verified Complaint for Mortgage Foreclosure
in the Circuit Court of Cook County, Illinois to foreclose the lien
of its mortgage against the property owned by the Partnership
commonly known as the Cross Creek Shopping Center, Plum Grove and
Nerge Roads, Roselle, Illinois (the "Property"). Upon the motion
of the Lender and with the consent of the Partnership, Axiom Real
Estate Management, Inc. was appointed as the receiver of the
Property by order of the Court on July 28, 1995.
The Partnership does not believe that the Property has value in
excess of the mortgage to the Lender. Both prior and subsequent to
the appointment of the receiver, the Partnership had offered to
convey the Property to the Lender because the Property was not
generating cash flow sufficient to meet the debt service
requirements. The Lender consistently refused the Partnership's
offer of conveyance of title to the Property. The continued
ownership of the Property in calendar year 1996 would cause the
Partnership to incur substantial overhead, tax and reporting
expenses. Consequently, the Partnership determined that it would
sell its entire interest in the Illinois land trust owning legal
title to the Property to an unaffiliated third party and terminate
the Partnership. On December 28, 1995, the Partnership sold its
beneficial interest in the Illinois land trust which is the owner
of the Cross Creek Commons Property to Spartan Management, L.L.C.,
a third party unaffiliated with the Partnership, for $1.
Item 5. Other Events
The sale of the Partnership's remaining fixed asset as described in
Item 2 above acts to terminate the Partnership in accordance with
Section F of the Partnership's Articles of Limited Partnership.
Accordingly, the Partnership anticipates filing a Certificate of
Termination with the Illinois Secretary of State on December 29,
1995. The Partnership is making a final distribution to the
Limited Partners which equates to $5.50 per limited partner
interest. The Partnership is also making all required regulatory
filings and will issue final Forms K-1 to its partners in
connection with the termination of its operations.
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Item 7. Financial Statements and Exhibits
(b) Pro Forma Financial Statements.
The pro forma information for the sale of the Cross Creek Commons
is not applicable for the year ended December 31, 1994 and the nine
months ended September 30, 1995, corresponding to the periods of
the Partnership's annual and quarterly financial statements most
recently filed with the Securities and Exchange Commission, due the
Partnership's filing under the liquidation basis method of
accounting.
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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 thereunto duly authorized.
BY: Brauvin Properties, Inc.
Corporate General Partner of
Brauvin Real Estate Fund I
BY:/s/ Jerome J. Brault
Jerome J. Brault
President and
Chief Executive Officer
DATE: December 28, 1995
