SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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) June 16, 1997
FLORIDA INCOME FUND II, LTD. PARTNERSHIP
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(Exact Name of Registrant as Specified in its Charter)
OHIO 33-04345 33-1168320
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(State or Other (Commission file number) (IRS Employer
Jurisdiction of ID Number)
Incorporation)
12800 University Drive, Ste 675, Ft. Myers, FL 33907
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(Address of Principal Executive Offices (Zip Code)
Registrant's telephone number, including area code (941) 481-2011
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N/A
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Former Name or Former Address, if Changes Since Last Report
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TABLE OF CONTENTS
ITEM 2
ACQUISITION OR DISPOSITION OF ASSETS
ITEM 5
HISTORICAL SUMMARY OF GROSS REVENUES AND
CERTAIN DIRECT OPERATING EXPENSES
EXHIBIT 99.1
SELLERS CLOSING STATEMENT
SIGNATURES
Page 2<PAGE>
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ITEM 2 - FORM 8-K
ACQUISITION OR DISPOSITION OF ASSETS
SALE OF MANATEE WEST SHOPPING CENTER
The Partnership sold Manatee West Shopping Center, a 48,000 sq. ft.
shopping center in Bradenton, Florida on June 16, 1997 at a price
of $2,240,000. The purchaser was not affiliated with the
Partnership or its general partners.
Costs of sale totaled $121,321 which included a real estate
commission to an unrelated third party of $92,000, title insurance
costs of $9,366, a property transfer tax of $15,680 and legal fees
of $4,275.
The property was free and clear of debt. A special cash
distribution of $2,056,308.45 or $192.99 per investment unit is
being distributed to the limited partners on or about June 18,
1997.
Pursuant to the information required by Article 11 of Regulation S-
X, if the Partnership had disposed of the property on March 31,
1997, the effect on the Partnership's unaudited balance sheet of
the same date would have been a decrease in net asset value of
$3,209,030, a decrease in other liabilities of $58,066 and a
decrease in net worth of $1,094,596. This net worth would then be
further reduced by $2,056,308 as a result of the special capital
cash distribution paid to the limited partners.
If this sale had occurred on January 1, 1997, the effect on the
unaudited income statement for the three months ended March 31,
1997 would have been a decrease in revenue by $119,244, a decrease
in operating expense by $45,239, a decrease in non-operating
expense by $3,558 and a decrease in depreciation expense by
$26,706. All of the foregoing adjustments would have resulted in
a decrease in net income of $44,741.
Included in this report is a historical summary of the property's
gross revenues and certain direct operating expenses for the twelve
months ended 12/31/96, 12/31/95 and 12/31/94. Also included is a
summary of the seller's closing statement.
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<CAPTION> MANATEE WEST SHOPPING CENTER
HISTORICAL SUMMARY OF GROSS REVENUES AND
CERTAIN DIRECT OPERATING EXPENSES
12/31/96 12/31/95 12/31/94
<S> <C> <C> <C>
GROSS REVENUES 459,651 423,664 571,919
CERTAIN DIRECT
OPERATING EXPENSES
Maintenance 28,608 30,995 21,399
Utilities 20,684 13,326 13,054
Administrative 32,746 55,112 62,887
Real Estate Taxes 45,746 63,209 60,101
Insurance 9,551 13,356 11,837
Landlord Costs 18,943 68,404 17,552
_______ _______ _______
TOTAL CERTAIN DIRECT 156,278 243,501 186,830
OPERATING EXPENSES
EXCESS OF GROSS 303,373 180,163 385,089
REVENUES OVER CERTAIN
DIRECT OPERATING
EXPENSES
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Page 4<PAGE>
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SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) 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.
FLORIDA INCOME FUND II, LTD PARTNERSHIP
(REGISTRANT)
June 24, 1997
/S/ LAWRENCE A. RAIMONDI
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LAWRENCE A. RAIMONDI
PRESIDENT AND DIRECTOR, AND CEO
MARINER CAPITAL MANAGEMENT, INC.
(PRINCIPAL EXECUTIVE OFFICER)
/S/ JOE K. BLACKETER
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JOE K. BLACKETER
SECRETARY/TREASURER
MARINER CAPITAL MANAGEMENT, INC.
(PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER)
Page 5
Exhibit 99.1
Seller's Closing Statement
Seller: Florida Income Fund II, Ltd. Partnership
Buyer: Thor Group Limited III and Dunedin Causeway
Associates
Property: Manatee West Shopping Center
Date of Closing: June 16, 1997
Selling Price $2,240,000.00
CREDITS TO BUYER
Tenant Security Deposits $ 24,314.39
Credit for June Rent $ 14,770.64
Miscellaneous $ 142.10
Share of 1997 Real Estate Tax $ 23,083.16
COSTS OF SALE
Real Estate Commission $ 92,000.00
Title Insurance Costs $ 9,366.00
Property Transfer Tax $ 15,680.00
Legal Fees $ 4,275.00
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Total Deductions $ 183,631.59
Net Cash to Seller $2,056,368.41
