<PAGE>
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 5)*
American Industrial Properties REIT
- -------------------------------------------------------------------------------
(Name of Issuer)
Shares of Beneficial Interest
- -------------------------------------------------------------------------------
(Title of Class of Securities)
026791-10-3
- -------------------------------------------------------------------------------
(CUSIP Number)
Marc C. Krantz, Kohrman Jackson & Krantz,
1375 East 9th Street, Cleveland, Ohio 44114, 216-736-7204
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
January 10, 1996
- -------------------------------------------------------------------------------
(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).
<PAGE>
<PAGE> 2
<TABLE>
SCHEDULE 13D
CUSIP NO. 026791-10-3
<S> <C>
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Black Bear Realty, Ltd.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 860,800
------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 860,800
------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
860,800
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE> 3
<TABLE>
SCHEDULE 13D
CUSIP NO. 026791-10-3
<S> <C>
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Richard M. Osborne Trust
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF,PF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 25,000
------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 25,000
------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
25,000
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than one percent
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE> 4
<TABLE>
SCHEDULE 13D
CUSIP NO. 026791-10-3
<S> <C>
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Christopher L. Jarratt
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Tennessee
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 25,000
------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 25,000
------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
25,000
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than one percent
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE> 5
<TABLE>
SCHEDULE 13D
CUSIP NO. 026791-10-3
<S> <C>
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jarratt Associates, Inc.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Tennessee
- -------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE> 6
CUSIP No. 026791-10-3
Pursuant to Rule 13d-1(f)(1), this Amendment No. 5 to Schedule 13D
Statement is filed jointly on behalf of the Richard M. Osborne Trust (the
"Trust"), Black Bear Realty, Ltd., an Ohio limited liability company (the
"Fund"), Christopher L. Jarratt of Nashville, Tennessee (the Fund, Mr.
Jarratt, and the Trust are sometimes referred to as the "Purchasers"), and
Jarratt Associates, Inc., a Tennessee corporation ("Jarratt Associates").
Item 2. Identity and Background.
Item 2 is amended and supplemented as follows:
(a) The additional person filing this Amendment No. 5 to Schedule 13D
statement is the Richard M. Osborne Trust. Richard M. Osborne, the sole
managing member of the Fund, is the sole trustee of the Trust.
(b) The address of the Trust is 7001 Center Street, Mentor, Ohio 44060.
(c) The Trust was established by Mr. Osborne for estate planning
purposes.
(d) Negative with respect to the Trust.
(e) Negative with respect to the Trust.
(f) The Trust is a trust organized under the laws of the State of Ohio.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is amended and supplemented as follows:
The shares of beneficial interest, $0.10 par value per share (the
"Shares"), of American Industrial Properties REIT, a Texas equity real estate
investment trust ("American Industrial"), reported herein as having been
acquired by the Trust were acquired by the Trust for the approximate aggregate
purchase price of $47,000. The Trust paid for such Shares from personal funds
contributed to the Trust by Mr. Osborne.
<PAGE>
<PAGE> 7
CUSIP No. 026791-10-3
Item 4. Purpose of Transaction.
Item 4 is amended and supplemented as follows:
Reference is hereby made to (i) that certain letter dated January 10,
1996, from Charles W. Wolcott, President and CEO of American Industrial, to Mr.
Osborne, attached hereto as Exhibit 7.9 and (ii) that certain letter dated
January 10, 1996, from the Fund to the Board of Trust Managers of American
Industrial, attached hereto as Exhibit 7.10.
Item 5. Interest in Securities of the Issuer.
Item 5 is amended and supplemented as follows:
(a) According to the most recently available filing with the Securities
and Exchange Commission by American Industrial, there are 9,075,400 Shares
outstanding. The Trust owns 25,000 Shares, or less than 1% of the outstanding
Shares. As sole trustee of the Trust, Mr. Osborne may be deemed to
beneficially own such 25,000 Shares. As sole managing member of the Fund, Mr.
Osborne may be deemed to beneficially own the 860,800 Shares previously
reported as being owned by the Fund. Mr. Osborne may be deemed to beneficially
own the Shares owned by the Trust and the Shares owned by the Fund for a total
of 885,800 Shares, or approximately 9.8% of the Shares outstanding.
Mr. Jarratt, Jarratt Associates, the Fund and the Trust may be deemed
members of a group under section 13(d)(3) of the Securities Exchange Act of
1934, as amended (the "Exchange Act") as a result of (i) the ownership of
Shares by Mr. Jarratt, the Trust, and the Fund; (ii) the agreement between the
Fund and Jarratt Associates, which is described in the original Schedule 13D
filed by the Fund, Mr. Jarratt, and Jarratt Associates on September 1, 1995 and
attached as Exhibit 7.2 thereto; and (iii) Mr. Osborne being sole trustee of
the Trust and sole managing member of the Fund. Solely for purposes of the
Exchange Act, the Purchasers may be deemed, as members of a group, to
beneficially own 910,800 Shares, or approximately 10% of the outstanding
Shares. None of Mr. Osborne, the Trust or the Fund have any ownership
interest, beneficial or otherwise, in the Shares owned by Mr. Jarratt.
(b) Mr. Osborne as sole trustee of the Trust has the sole power to vote,
or direct the voting of, and the sole power to dispose, or to direct the
disposition of, the 25,000 Shares owned by the Trust.
(c) During the past 60 days, the Trust has purchased Shares in open
market transactions as set forth below:
<PAGE>
<PAGE> 8
CUSIP No. 026791-10-3
<TABLE>
<S> <C> <C>
Date Number of Shares Approximate Per Share Price
------ ------------------ (Excluding Commissions)
----------------------------
December 28, 1995 24,900 $1.87
December 29, 1995 1,000 $2.00
</TABLE>
Item 7. Material to be Filed as Exhibits.
Exhibit 7.8 -- Joint Filing Agreement
Exhibit 7.9 -- Letter dated January 10, 1996, from Charles
W. Wolcott, President and CEO of American
Industrial, to Mr. Osborne
Exhibit 7.10 -- Letter dated January 10, 1996, from the Fund
to the Board of Trust Managers of American
Industrial
<PAGE>
<PAGE> 9
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: January 17, 1996 BLACK BEAR REALTY, LTD.
By: /s/ Richard M. Osborne
-------------------------
Richard M. Osborne
Managing Member
RICHARD M. OSBORNE TRUST
/s/ Richard M. Osborne
------------------------
Richard M. Osborne
Trustee
<PAGE>
<PAGE> 10
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: January 17, 1996 JARRATT ASSOCIATES, INC.
/s/ Christopher L. Jarratt
----------------------------
Christopher L. Jarratt
President
/s/ Christopher L. Jarratt
----------------------------
Christopher L. Jarratt
<PAGE>
<PAGE> 11
Exhibit Index
<TABLE>
<S> <C> <C>
Exhibit 7.8 -- Joint Filing Agreement
Exhibit 7.9 -- Letter dated January 10, 1996, from Charles W.
Wolcott, President and CEO of American Industrial, to
Mr. Osborne
Exhibit 7.10 -- Letter dated January 10, 1996, from the Fund to the
Board of Trust Managers of American Industrial
</TABLE>
<PAGE>
EXHIBIT 7.8
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: January 17, 1996 BLACK BEAR REALTY, LTD.
By: /s/ Richard M. Osborne
------------------------
Richard M. Osborne
Managing Member
RICHARD M. OSBORNE TRUST
/s/ Richard M. Osborne
--------------------------
Richard M. Osborne
Trustee
JARRATT ASSOCIATES, INC.
By: /s/ Christopher L. Jarratt
---------------------------------
Christopher L. Jarratt, President
/s/ Christopher L. Jarratt
--------------------------
Christopher L. Jarratt
<PAGE>
Exhibit 7.9
AMERICAN INDUSTRIAL PROPERTIES
REIT
January 10, 1996 A Member
of the
Via Facsimile
National
Mr. Richard M. Osborne
Black Bear Realty, Ltd. Association
7001 Center Street
Mentor, Ohio 44060 of
Real Estate
Investment
Dear Rick:
Trusts, Inc.
We are in receipt of your letter dated December 26, 1995 in which Black
Bear Realty made certain proposals to American Industrial Properties REIT (the
"Trust"). The Trust has recently engaged EVEREN Securities to review Black
Bear's proposal. In order to give EVEREN and the Trust adequate time to
evaluate Black Bear's proposal, we request that your offer remain open until
5:00 p.m. Dallas time on January 24, 1996. We are unable to fully evaluate the
merits of Black Bear's offer by your stated deadline of January 10, 1996.
Please advise us in writing by 5:00 p.m. Dallas time on January 10, 1996
as to whether Black Bear agrees to the extension of the offer.
In addition, our review of the share transfer records of the Trust has
revealed that you may own shares in the Trust in excess of the ownership
restrictions in the Trust's Bylaws. Accordingly, pursuant to Section 9.3 of
the Trust's Bylaws, we request that you advise us in writing regarding all of
the shares in the Trust that you own (directly or indirectly).
Very truly yours,
AMERICAN INDUSTRIAL PROPERTIES REIT
/S/Charles W. Wolcott
---------------------
Charles W. Wolcott
President and CEO
cc: William H. Bricker
Bryan L. Goolsby
8220 North Beltline Suite 206 Irving, Texas 75063-2656 (214)550-8083
Fax (214) 550-6037
<PAGE>
Exhibit 7.10
BLACK BEAR REALTY, LTD.
7001 Center Street
Mentor, Ohio 44060
January 10, 1996
Via Facsimile and Regular Mail
Board of Trust Managers
American Industrial Properties REIT
6220 North Beltline, Suite 205
Irving, Texas 75063
Attention: Mr. Charles W. Wolcott
Mr. William H. Bricker
Gentlemen:
In response to today's letter from Mr. Wolcott to me, Black Bear Realty,
Ltd. (the "Fund") hereby extends the offer contained in its December 26, 1995
letter to the American Industrial Board of Trust Managers until 5:00 p.m.
Cleveland, Ohio time on January 24, 1996. After that time, the offer will
become null and void. As you know, I and my legal advisors are available to
meet with you prior to that time to discuss our proposals in further detail.
Mr. Wolcott's letter also requests advice in writing regarding all of the
shares in American Industrial that I own directly or indirectly. In all my
purchases of American Industrial shares, I have always observed the limits that
are contained in the company's Bylaws. In early January, I, individually,
purchased 25,000 shares of American Industrial. With this purchase, and the
shares previously purchased by the Fund, I beneficially own 9.8% of the shares
of American Industrial, as expressly permitted by the Bylaws. Neither I nor
the Fund own any additional shares of American Industrial, directly or
indirectly. As you are aware, Christopher Jarratt, a minority member of the
Fund, also owns American Industrial shares. I would point out that, for
purposes of the Bylaws, Mr. Jarratt's ownership of American Industrial shares
can not be combined with my or the Fund's shares because neither I nor the Fund
have any ownership interest, beneficial or otherwise, in the shares owned by
Mr. Jarratt. Moreover, neither I nor the Fund would be deemed to
"constructively" own any of Mr. Jarratt's shares under the Internal Revenue
Code.
The Fund's and my limiting of our purchases to 9.8% of American Industrial
shares does not mean that we agree that the Bylaw provisions are enforceable.
As I have indicated previously, the Fund may, but has no present plans or
proposals for, challenging the legality of the imposition of the 9.8% limit.
<PAGE>
<PAGE> 2
Black Bear Realty, Ltd.
- -------------------------------------------------------------------------------
Board of Trust Managers
January 10, 1996
Page 2
I trust this answers your inquiry. We will be filing an amended Schedule
13D (to which this letter will be attached) to disclose the extension of the
offer.
For the benefit of all American Industrial shareholders, I look forward to
continuing to work with you to reach a successful conclusion of the proposed
transaction.
Very truly yours,
BLACK BEAR REALTY, LTD.
By:/s/Richard M. Osborne
----------------------
Richard M. Osborne
Managing Member
/rmo
