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
June 4, 1998
(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
ACQUISITIONS
On May 22, 1998, Great Lakes REIT, Inc., through its operating partnership,
Great Lakes REIT, L.P., (collectively the "Company") acquired two four-story
office buildings located in Englewood, Colorado, a suburb of Denver. The
buildings are located at 116 and 183 Inverness Drive within the 980-acre
Inverness Business Park approximately 25 minutes from downtown Denver.
116 Inverness Drive contains 204,998 rentable square feet and is currently 96%
occupied. It is constructed of steel frame with reflective glass and quartz blue
spandrel panels and contains a four-story atrium.
The 183 Inverness Drive building contains 183,895 rentable square feet and is
currently 100% occupied. It has a steel frame construction with light gray
reflective glass and Alucobond panels. The lobby floors and walls are flame-cut
granite.
TERMS OF PURCHASE
116 and 183 Inverness Drive were purchased from an unaffiliated third-party for
approximately $41.9 million including $543,000 reserved for capital costs.
In connection wit the purchase, the Company assumed a long-term mortgage
loan in an amount of $12.4 million. This loan bears interest at 7.11% and
matures on December 31, 2007. The Company also issued 48,447 operating
partnership units valued at approximately $887,000 as part of the purchase. The
balance of the purchase was financed by a draw on its unsecured bank line of
credit in an amount of $27 million and from working capital reserves.
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
