UNITED STATES
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 17, 1997
OR
Commission file number 0-19198
FIRST DEARBORN INCOME PROPERTIES L.P. II
(Exact name of registrant as specified in its charter)
Delaware 36-3591517
(State of organization) (IRS Employer Identification No.)
154 West Hubbard Street, Suite 250, Chicago, IL 60610
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 464-0100
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Item 2. Acquisition or Disposition of Assets
On December 17, 1997, Country Isles Associates, an Illinois general
partnership ("Country Isles") in which the registrant, First Dearborn
Properties L.P. II (the "Partnership"), owns a 21% interest, sold its
sole asset, the Country Isles Shopping Center in Fort Lauderdale,
Florida, to Principal Mutual Life Insurance Company ("Buyer"). The
total purchase price received by Country Isles was $13.2 million,
which price was determined through arm's length negotiations with
Buyer. Of this total purchase price, approximately $7.9 million was
used to repay amounts owed to the lender holding the mortgage on the
shopping center and approximately $595,000 was used for customary
additional selling expenses and prorations. The net proceeds to
Country Isles after these deductions were approximately $4.7 million.
Of these proceeds, the Partnership received approximately $987,000 for
its 21% interest.
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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 thereunto duly authorized.
FIRST DEARBORN INCOME PROPERTIES L.P. II
(Registrant)
By: FDIP, Inc.
(Managing General Partner)
January 27, 1998 By: Robert S. Ross
President
(Principal Executive Officer)
January 27, 1998 By: Bruce H. Block
Vice President
(Principal Financial Officer)
