SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
/X/ Current Report Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
December 30, 1997
(Date of Report)
Commission file number: 0-28354
Great Lakes REIT, Inc.
(Exact name of Registrant as specified in its Charter)
Maryland 36-3844714
(State or other jurisdiction (I.R.S. Employer identification no.)
of incorporation organization)
823 Commerce Drive, Suite 300, Oak Brook, IL 60523
(Address of principal executive offices) (Zip Code)
(630) 368 - 2900
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Great Lakes REIT, Inc. owns a limited partnership interest and the sole general
partnership interest in Great Lakes REIT, L.P. (the "Operating
Partnership")totaling more than 99% of the outstanding partnership interests of
the Operating Partnership. Great Lakes REIT, Inc., its subsidiaries and the
Operating Partnership are referred to herein collectively as the "Company".
ACQUISITIONS
On December 17, 1997, the Company, purchased 777 Eisenhower Parkway, Ann Arbor,
Michigan, a ten-story office building located within the Briarwood Mall Corridor
of Ann Arbor, Washtenaw County, Michigan. The 777 Eisenhower building contains
273,355 rentable square feet, is currently 89% occupied and was purchased for
approximately $16.6 million. The Company expects to incur approximately $6.5
million of costs over the next twelve to fifteen months to completely renovate
the common areas and certain tenant spaces. The building's exterior is a
combination of a contemporary designed brick with tinted thermopane glass,
complimented by insulated aluminum panels on a steel frame.
TERMS OF PURCHASE
777 Eisenhower was purchased from an unaffiliated third party for $16,600,000.
Funds for the purchase came from a borrowing under the Company's existing
secured line of credit with the First National Bank of Boston (as agent) as well
as cash reserves on hand.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
As of the date of this 8-K, the financial statements and proforma financial
information related to this property is not available but will be filed by the
Company on Form 8-K not later than February 27, 1998.
No information is required under Items 1,3,4, and 6, and these items
have therefore been omitted.
By: /s/ Richard L. Rasley
Richard L. Rasley, Secretary
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