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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 10)*
American Industrial Properties REIT
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(Name of Issuer)
Shares of Beneficial Interest
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(Title of Class of Securities)
026791-10-3
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(CUSIP Number)
Mark C. Krantz, Kohrman Jackson & Krantz P.L.L.,
1375 East 9th Street, Cleveland, Ohio 44114, 216-736-7204
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
November 25, 1996
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [ ]. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person s
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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<TABLE>
SCHEDULE 13D
CUSIP NO. 026791-10-3
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Black Bear Realty, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14 TYPE OF REPORTING PERSON*
OO
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</TABLE>
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<TABLE>
SCHEDULE 13D
CUSIP NO. 026791-10-3
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Christopher L. Jarratt
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Tennessee
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14 TYPE OF REPORTING PERSON*
IN
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</TABLE>
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<TABLE>
SCHEDULE 13D
CUSIP NO. 026791-10-3
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Turkey Vulture Fund XIII, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14 TYPE OF REPORTING PERSON*
OO
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</TABLE>
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<TABLE>
SCHEDULE 13D
CUSIP NO. 026791-10-3
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Richard M. Osborne Trust
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14 TYPE OF REPORTING PERSON*
OO
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</TABLE>
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<TABLE>
SCHEDULE 13D
CUSIP NO. 026791-10-3
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jarratt Associates, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Tennessee
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14 TYPE OF REPORTING PERSON*
OO
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</TABLE>
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CUSIP No. 026791-10-3
Pursuant to Rule 13d-1(f)(1), this Amendment No. 10 to Schedule 13D
Statement is filed jointly on behalf of Black Bear Realty, Ltd., an Ohio
limited liability company ("Black Bear"), Christopher L. Jarratt of Nashville,
Tennessee ("Jarratt"), the Richard M. Osborne Trust (the "Trust"), Turkey
Vulture Fund XIII, Ltd., an Ohio limited liability company (together with Black
Bear, Jarratt and the Trust, the "Selling Parties") and Jarratt Associates,
Inc., a Tennessee corporation ("Associates"), for the purpose of reporting the
disposition by each reporting person of shares of beneficial interest (the
"Shares"), $0.10 par value per share, of American Industrial Properties REIT, a
Texas equity real estate investment trust ("American Industrial").
Item 2. Identity and Background.
Item 2 is amended and supplemented as follows:
(a) This Amendment No. 10 to Schedule 13D Statement is filed jointly on
behalf of Black Bear, Jarratt, Associates, the Trust and Turkey Vulture Fund
XIII, Ltd., an Ohio limited liability company (the "Fund"). Richard M. Osborne
is the sole manager of the Fund.
(b) The business address of the Fund and Mr. Osborne is 7001 Center
Street, Mentor, Ohio 44060.
(c) The principal business of the Fund is to acquire, hold, sell or
otherwise invest in all types of securities and other instruments. Mr. Osborne
is President and Chairman of the Board of OsAir, Inc., a property developer and
manufacturer of industrial gases for pipeline delivery. OsAir, Inc. is located
at 7001 Center Street, Mentor, Ohio 44060.
(d) Negative with respect to the Fund and Mr. Osborne.
(e) Negative with respect to the Fund and Mr. Osborne.
(f) The Fund is an Ohio limited liability company. Mr. Osborne is a
citizen of the United States of America.
Item 5. Interest in Securities of the Issuer.
Item 5 is amended and supplemented as follows:
(a) None of the reporting persons beneficially own any Shares.
(b) Not applicable.
(c) On November 25, 1996, (i) Black Bear sold 860,800 Shares, (ii)
Jarratt sold 25,000 Shares, (iii) the Fund sold 87,300 Shares and (iv) the
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CUSIP No. 026791-10-3
Trust sold 25,000 Shares to American Industrial Properties REIT, Inc., a
Maryland corporation, which the Selling Parties understand is a subsidiary of
American Industrial, in a private transaction for $2.75 per Share, plus the sum
of $25,000.
(d) Not applicable.
(e) On November 25, 1996, each reporting person, and the reporting
persons as group under Section 13(d)(3) of the Securities Exchange Act of 1934,
ceased to be the beneficial owner of more than five percent of the outstanding
Shares.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
Item 6 is amended and supplemented as follows:
On November 25, 1996, each Selling Party entered into a Standstill
Agreement, a copy of which is attached as Exhibit 7.17 hereto, under which it
agreed, among other matters, that for a period of five (5) years neither it nor
any affiliate or any entity owned or controlled by any Selling Party or under
common ownership or control with any Selling Party, will acquire or offer to
acquire, directly or indirectly, Shares; will solicit, directly or indirectly,
proxies with respect to American Industrial or; will otherwise seek, alone or
in connection with others, to control or influence the management, trust
managers or policies of American Industrial.
Item 7. Material to be Filed as Exhibits.
Item 7 is amended and supplemented as follows:
Exhibit 7.16 -- Joint Filing Agreement
Exhibit 7.17 -- Standstill Agreement
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CUSIP No. 026791-10-3
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 26, 1996 BLACK BEAR REALTY, LTD.
/s/ Richard M. Osborne
-----------------------
Richard M. Osborne
Manager
RICHARD M. OSBORNE TRUST
/s/ Richard M. Osborne
------------------------
Richard M. Osborne
Trustee
TURKEY VULTURE FUND XIII, LTD.
/s/ Richard M. Osborne
------------------------
Richard M. Osborne
Manager
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CUSIP No. 026791-10-3
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 26, 1996 /s/ Christopher L. Jarratt
--------------------------
Christopher L. Jarratt
JARRATT ASSOCIATES, INC.
/s/ Christopher L. Jarratt
--------------------------
Christopher L. Jarratt
President
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CUSIP No. 026791-10-3
Exhibit Index
Exhibit 7.16 -- Joint Filing Agreement
Exhibit 7.17 -- Standstill Agreement
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EXHIBIT 7.16
AGREEMENT OF JOINT FILING
Pursuant to Rule 13d-1(f) promulgated under the Securities Exchange Act of
1934, as amended, the undersigned persons hereby agree to file with the
Securities and Exchange Commission, the Statement on Schedule 13D (the
"Statement") to which this Agreement is attached as an exhibit, and agree that
such Statement, as so filed, is filed on behalf of each of them.
This Agreement may be executed in counterparts, each of which when so
executed shall be deemed to be an original, and all of which together shall be
deemed to constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Agreement.
Dated: November 26, 1996 BLACK BEAR REALTY, LTD.
By:/s/ Richard M. Osborne
----------------------
Richard M. Osborne
Manager
JARRATT ASSOCIATES, INC. RICHARD M. OSBORNE TRUST
By:/s/ Christopher L. Jarratt By:/s/ Richard M. Osborne
-------------------------- ----------------------
Christopher L. Jarratt Richard M. Osborne
President Trustee
TURKEY VULTURE FUND XIII, LTD.
/s/ Christopher L. Jarratt By:/s/ Richard M. Osborne
- ----------------------------- -----------------------
Christopher L. Jarratt Richard M. Osborne
Manager
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EXHIBIT 7.17
STANDSTILL AGREEMENT
This Standstill Agreement (this "Agreement") dated November 25, 1996, is
entered into by and among American Industrial Properties REIT, Inc., a Maryland
corporation ("Purchaser") and the undersigned (collectively, the "Sellers").
Recitals
A. The Sellers have agreed to sell to Purchaser all of the shares of
American Industrial Properties REIT (the "Trust") owned by each of them for
$2.75 per share (the "Purchase Price). The number of shares owned by each of
the Sellers is identified on Exhibit A hereto.
B. In addition to the Purchase Price, as additional consideration for
the Sellers agreeing to enter into this Agreement, the Purchaser has agreed to
pay the Sellers the sum of $25,000.
Agreement
1. In consideration of the foregoing and subject to receipt of the
Purchase Price on the date hereof, the undersigned agree that for a period of
five (5) years from the date hereof, none of them nor any affiliate nor any
entity owned or controlled by any of them or under common ownership or control
with any of them will: (a) acquire, offer to acquire, or agree to acquire,
directly or indirectly, by purchase or otherwise, any securities or direct or
indirect rights or options to acquire (through purchase, exchange, conversion
or otherwise) any securities of the Trust, (b) make, or in any way participate,
directly or indirectly, in any "solicitation" of "proxies" (as such terms are
used in the proxy rules of the Securities and Exchange Commission) to vote
(including by the execution of actions by written consent) or seek to advise,
encourage or influence any person or entity with respect to the voting of any
securities of the Trust, (c) form, join or in any way participate in any
"group" (within the meaning of Section 13(d)(3) of the Securities Exchange Act
of 1934) with respect to any securities of the Trust, (d) otherwise act, alone
or in concert with others, to seek to control or influence the management,
board of directors (or trust managers) or policies of the Trust, (e) initiate,
propose or otherwise solicit shareholders for the approval of one or more
shareholder proposals (as described in the Securities Exchange Act of 1934)
seeking to acquire or affect control of the Trust, (f) knowingly acquire any
interest in any claims, mortgages, notes or any other legal or financial
obligations of the Trust, or (g) participate in any way or interfere with the
settlement of any litigation involving the Trust excluding testimony given
pursuant to a subpoena.
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2. The undersigned hereby agree that the Trust and USAA Real Estate
Company ("USAA") are intended to be, and hereby are deemed to be, third party
beneficiaries of this Agreement.
3. The undersigned represent and warrant that the shares being sold to
Purchaser are all of the shares of the Trust owned by each of them.
4. The undersigned acknowledge that the Purchaser, the Trust and USAA
would not have an adequate remedy at law for money damages in the event that
this Agreement were not performed in accordance with its terms and therefore
agree that the Trust, Purchaser and USAA shall be entitled to specific
enforcement of, and injunctive relief to prevent any violation of, the terms
hereof, in addition to any other remedy or relief available at law or in
equity. A person or entity who at any time may be an affiliate of the
undersigned shall be deemed to be an affiliate of such person for purposes of
this Agreement regardless of whether such person was such an affiliate on the
date hereof.
5. This Agreement shall be governed by and construed in accordance with
the laws of the State of Texas. The undersigned hereto hereby irrevocably
waive, to the fullest extent permitted by law, any objection which any of them
may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby in the United States District Court for the Northern
District of Texas, Dallas Division, and hereby further irrevocably waive any
claim that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum. The undersigned hereto hereby
irrevocably agree that any proceeding against any of the undersigned, arising
out of or in connection with this Agreement or the transactions contemplated
hereby shall be brought in the United States District Court for the Northern
District of Texas, Dallas Division.
6. This Agreement embodies the entire agreement among the parties hereto
and supersedes all prior proposals, negotiations, agreements and understandings
relating to the subject matter hereof. There are no oral agreements,
understandings or representations upon which any party hereto is relying in
executing this Agreement.
7. Each party to this Agreement hereby represents and warrants to each
other party hereto that this Agreement has been duly authorized, executed and
delivered by such party, and constitutes the legal, valid and binding
obligation of such party enforceable against such party in accordance with its
terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium, liquidation and such other similar laws now or hereafter in effect
and by general principles of equity.
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8. This Agreement shall bind and inure to the benefit of the parties
hereto and their respective heirs, beneficiaries, administrators, executors,
personal representatives, trustees, receivers, conservators, successors and
assigns. Each reference in this Agreement to one or more parties shall be
deemed to include such parties and their respective heirs, beneficiaries,
administrators, executors, personal representatives, trustees, receivers,
conservators, successors and assigns.
9. This Agreement may be executed in several identical counterparts, and
by the parties hereto on separate counterparts and each counterpart when so
executed and delivered, shall constitute an original instrument, and all such
separate counterparts shall constitute but one and the same instrument.
/s/ Richard M. Osborne
-----------------------------------
Richard M. Osborne, Individually
/s/ Christopher L. Jarratt
------------------------------------
Christopher L. Jarratt
Individually
BLACK BEAR REALTY, LTD.
By:/s/ Richard M. Osborne
-----------------------
Its: Managing Member
----------------------
TURKEY VULTURE FUND XIII LTD.
By: /s/ Richard M. Osborne
------------------------
Its: Managing Member
-----------------------
AMERICAN INDUSTRIAL PROPERTIES REIT, INC.
/s/ Charles W. Wolcott
---------------------------
Charles W. Wolcott, President
