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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) October 1, 1997
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REAL ESTATE INCOME PARTNERS III, LIMITED PARTNERSHIP
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation or organization)
0-16027 13-3341425
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Commission File Number (I.R.S. Employer Identification No.)
27611 La Paz Road, P.O. Box A-1, Laguna Niguel, California 92677-0100
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(Address of principal executive offices) (zip code)
(714) 643-7700
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(Registrant's telephone number, including area code)
N/A
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(Former name, former address and former fiscal
year, if changed since last report.)
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REAL ESTATE INCOME PARTNERS III
Item 5. Other Events
On October 1, 1997, Real Estate Income Partners III, Limited Partnership ("The
Partnership") sold Martinazzi Square Shopping Center for $6,100,000. The
Partnership realized approximately $5,824,000 after accounting for brokerage
commissions, closing costs and prorations of $276,000. Since the sale price
exceeded the January 1, 1993 appraised value ($5,400,000), pursuant to the 1993
amendment of the Partnership agreement the General Partner earned, and was paid,
a property disposition fee of $152,500 in connection with the sale.
The Partnership will distribute proceeds of the sale of Martinazzi Square
Shopping Center to the Limited Partners on October 15, 1997. After paying
brokerage commissions, closing costs and prorations and the property disposition
fee of $152,500, the General Partner estimates that the Partnership will
distribute $5,600,000 to the Limited Partners, or approximately $88 per $1000
investment. Martinazzi had been appraised at a value of $5,500,000 as of January
1, 1997.
The sale of Martinazzi Square reduced the Partnership's real estate assets to
Creek Edge, The Forum, plus its 42% interest in Cooper Village Shopping Center.
Since Martinazzi Square generated approximately $145,000 per quarter in net
operating income, or approximately 31% of the cash flow that funded the
Partnership's regular operations and distributions since the sale of Northtech
in January 1997, future distributions to the Limited Partners of cash from
operations will be significantly reduced.
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REAL ESTATE INCOME PARTNERS III,
LIMITED PARTNERSHIP
SIGNATURES
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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.
REAL ESTATE INCOME PARTNERS III
By: BIRTCHER/LIQUIDITY By: BIRTCHER INVESTORS,
PROPERTIES a California limited partnership
(General Partner)
By: BIRTCHER INVESTMENTS,
a California general partnership,
General Partner of Birtcher Investors
By: BIRTCHER LIMITED,
a California limited partnership,
General Partner of Birtcher
Investments
By: BREICORP,
a California corporation,
formerly known as Birtcher
Real Estate Inc., General
Partner of Birtcher Limited
Date: October 7, 1997 By: /s/ Robert M. Anderson
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Robert M. Anderson
Executive Director
BREICORP
By: LF Special Fund I, L.P.,
a California limited partnership
By: Liquidity Fund Asset Management, Inc.,
a California corporation, General
Partner of LF Special Fund I, L.P.
Date: October 7, 1997 By: /s/ Brent R. Donaldson
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Brent R. Donaldson
President
Liquidity Fund Asset Management,
Inc.
