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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) August 7, 1998
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Net 2 L. P.
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(Exact name of registrant as specified in its charter)
Delaware 33-25984 13-3497738
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(State or other jurisdiction of (Commission File (IRS Employer
incorporation or organization) Number) Identification
No.)
c/o Lexington Corporate Properties Trust
355 Lexington Avenue
New York, New York 10017
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(Address of principal Executive offices) (zip code)
Registrant's telephone number, including area code (212) 692-7200
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N/A
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(Former name or former address, if changed since last report)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On July 24, 1998, Net 2 L. P. (the "Partnership") acquired two properties,
from an unrelated party. One property which is located at 4831 Whipple Avenue
NW, Canton, Stark County, Ohio (the "Canton Property"), was acquired for
approximately $5.15 million. The Canton Property consists of a 46,350 square
foot retail store net leased to Best Buy Co., Inc. The lease has a remaining
term of 19.5 years and expires on February 26, 2018. The lease provides for
fixed annual rental payments of $465,000 or $10.03 per square feet and has
three five year renewal options.
The purchase price was satisfied by a cash payment and by a first mortgage note
of approximately $3.6 million. The note which is being held by Credit Suisse
First Boston Mortgage Capital LLC bears interest at a rate of 7.15% per annum,
and requires monthly payments of principal and interest of $26,094 beginning
August 11, 1998. The note matures on August 11, 2023.
The other property which is located at 399 Peachwood Center Drive, Spartanburg,
South Carolina (the "Spartanburg Property"), was acquired for approximately
$4.375 million. The Spartanburg Property consists of a 45,004 square foot retail
store net leased to Best Buy Co., Inc. The lease has a remaining term of 19.5
years and expires on February 26, 2018. The lease provides for fixed annual
rental payments of $395,000 or $8.78 per square feet and has three five year
renewal options.
The purchase price was satisfied by a cash payment and by a first mortgage note
of approximately $3 million. The note which is being held by Credit Suisse First
Boston Mortgage Capital LLC bears interest at a rate of 7.15% per annum and
requires monthly payments of principal and interest of $21,670 beginning August
11, 1998. The note matures on August 11, 2023.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
The properties were recently developed, and were owned and occupied by
Best Buy Co., Inc., until February, 1998, accordingly there are no
historical financial statements for the properties.
b) Pro Forma Financial Information
As it is impracticable to provide the required pro forma financial
statements of the Partnership to reflect the property acquisitions with
this report on Form 8-K, such pro forma financial statements will be
filed by amendment to Form 8-K, as soon as practicable, but not more than
60 days of the filing of this report.
c) Exhibits
None.
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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.
Net 2 L. P.
By: Lepercq Net 2 L. P.
its general partner
By: Lepercq Net 2 Inc.
its general partner
Date: August 7, 1998 By: E. Robert Roskind
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E. Robert Roskind
President
