SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) March 4, 1997
Property Resources Equity Trust
(Exact Name of Registrant as Specified in its Charter)
California
0-15880 94-3959770
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State or other Commission File Number IRS Employer
jurisdiction of Identification
incorporation Number
1800 Gateway Drive, San Mateo, CA 94404
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(Address of Principal Executive Offices ) (Zip Code)
Registrant's telephone number, including area code: (415) 312-3000
ITEM 2. DISPOSITION OF ASSETS
Graham Court Business Park
5981, 5963, 5937, 5915 Graham Court
Livermore, California
On March 4, 1997, pursuant to a contract entered into on December 16, 1996
and amended February 13, 1997, Property Resources Equity Trust (the
"Registrant") sold the Graham Court Business Park, located in Livermore,
California (the "Property").
The Property was sold for all cash at a gross price of $2,200,000. The
unaffiliated purchasers are Walter R. Wallner and Alan Cotton (jointly,
"Buyer"). A real estate brokerage commission of $73,000 was paid to Lee and
Associates Commercial Real Estate Services, an unaffiliated real estate
broker retained by the Registrant under a listing agreement dated October 24,
1996. $31,500 was credited to the Buyer for roof repairs. The Property was
purchased by the Registrant in August of 1986. The total all cash cost of
the Property (including closing costs and acquisition fees) was $2,617,840.
THE PROCEEDS TO THE REGISTRANT FROM THE SALE ARE AS FOLLOWS:
Sales Price $2,200,000
Less:
Brokerage Commission 73,000
Closing Costs 2,420
Capital Credit 31,500
Closing Pro-rations 39,703
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146,623
Net Cash Proceeds to $2,053,377
the Registrant
There was no material relationship between the Buyer and the Registrant or
any of the affiliates, directors or officers of the Registrant or the Advisor
or any associate of any director or officer of the Registrant or the Advisor.
ITEM 5: OTHER MATERIAL ITEMS
On March 4, 1997, the note payable secured by the Good Guys Plaza Shopping
Center was repaid from the proceeds of a new note payable. The new note
payable, which matures in 2022, requires monthly payments of principal and
interest at 8.8% until 2007, at which time the interest rate increases to at
least 13.8% under an adjustment formula defined in the note agreement.
ITEM 7: PRO FORMA FINANCIAL INFORMATION
Pro forma financial statements will be provided as part of the 1996 Form 10-K.
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 heretofore duly authorized.
Dated March 18, 1997 PROPERTY RESOURCES EQUITY TRUST
/S/ DAVID P. GOSS
David P. Goss
President
