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 9, 1997
EASTPOINT MALL LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Delaware 1-16024 13-3314601
State or other jurisdiction Commission IRS Employer
of incorporation File Number Identification No.
3 World Financial Center, 29th Floor
New York, NY Attn: Andre Anderson 10285-2900
Address of principal executive offices Zip Code
Registrant's telephone number, including area code (212) 526-3237
Item 2. Disposition of Assets
On December 9, 1997, Eastpoint Mall Limited Partnership (the
"Partnership") closed on the sale of its 90.9% general
partnership interest in Eastpoint Partners, L.P. ( the "Owner
Partnership"), constituting all of the Partnership's ownership
interest in Eastpoint Mall, an enclosed shopping mall located in
Baltimore County, Maryland (the "Mall"), to Shopco 048 LLC and
Eastpoint 048 LLC, the assignees (the "Assignees") of Shopco
Advisory Corp. ("Shopco"). The Assignees are affiliates of
Shopco.
The purchase price was based, in part, on the fair market value
of the Mall, which was $81,000,000 as determined by an
independent appraiser, and an arm's-length negotiation between
Shopco and Eastern Avenue Inc., the General Partner of the
Partnership, on behalf of the Partnership. The Assignees paid an
amount necessary to satisfy the $51,000,000 principal amount of
the Owner Partnership's mortgage indebtedness on the Mall and
paid the Partnership $25,489,064 in cash for its general
partnership interest. At the closing, the Partnership's net
proceeds from the sale, after closing adjustments and expenses
relating to the sale, was approximately $23,292,000; this number
may change as a result of certain post-closing adjustments and
payment of additional expenses relating to the sale. The
Partnership also received approximately $1,500,000 in return of
certain reserves and escrowed funds under the mortgage
indebtedness on the Mall.
Shopco is an affiliate of Shopco Management Corp., the managing
and leasing agent for the Mall, and SFN Limited Partnership, the
sole limited partner of the Owner Partnership.
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 hereunto duly authorized.
EASTPOINT MALL LIMITED PARTNERSHIP
Registrant
By: EASTERN AVENUE INC.
General Partner
Date:December 11, 1997 By: /s/ Robert J. Hellman
Robert J. Hellman
President
