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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 30, 1997
_________________
JP Realty, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland 1-12560 87-0515088
___________________________
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification Number)
35 Century Park-Way, Salt Lake City, Utah 84115
__________________________________________________________
(Address of Principal Executive Offices, Including Zip Code)
Registrant's Telephone Number, Including Area Code: (801) 486-3911
______________
N/A
__________________________________________________________
(Former Name of Former Address, if Changed Since Last Report)
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ITEM 2. ACQUISTION OF ASSETS
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On December 30, 1997, JP Realty, Inc. (the "Company") through its
subsidiary Price Development Company Limited Partnership (the
"Operating Partnership"), acquired the Salem Center located in Salem,
Oregon. The Salem Center, an enclosed regional mall, is located in
Salem's downtown business district covering over five contiguous city
blocks and contains 650,500 square feet of total gross leasable area
("Total GLA"), of which 212,500 square feet are Company owned and
438,000 square feet are tenant owned. The anchor tenants of the mall
are Nordstrom, Mervyns, Meier & Frank, JCPenney and an ACT III, 7-
screen, 2,300 seat theater. At the time of acquisition, the Salem Center
was 97.7% leased based on Total GLA and had 93% of the mall shops
occupied. The purchase price paid for the Salem Center was $32,500,000
and was financed by using the Operating Partnership's $200,000,000
unsecured credit facility. The Operating Partnership purchased the mall
from Tristate Joint Venture, a Maryland limited partnership, pursuant to
an Agreement of Purchase and Sale, the terms of which were determined
through arms-length negotiations between the parties.
The factors considered by the Operating Partnership in determining the
price to be paid for the mall included: its historical and/or expected cash
flow, nature of the tenants and terms of leases in place, occupancy rates,
opportunities for alternative and new tenancies, current operating costs,
taxes on the mall and anticipated changes therein under ownership by the
Operating Partnership, the physical condition and location of the mall,
the anticipated effect on the Operating Partnership and the Company's
financial results and other factors. The Company took into consideration
capitalization rates at which it believes other shopping centers have
recently sold, and determined the price it was willing to pay primarily
on the factors discussed above relating to the mall and its fit with the
Company's operations.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a) Financial Statements:
As of the date of this report, is impracticable for the
Company to file the required financial statements with
respect to the acquisition of the Salem Center.
Accordingly, such required financial statements will be
filed as soon as they are available, but in no event later
than 60 days after the date on which this report must be
filed.
(b) Pro Forma Financial Information:
As of the date of this report, it is impracticable for the
Company to file the required proforma financial
information with respect to the acquisition of the Salem
Center. Accordingly, such required pro forma financial
information will be filed as soon as it is available, but in
no event later than 60 days after the date on which this
report must be filed.
(c) Exhibits:
None.
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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 hereunto duly authorized.
JP REALTY, INC.
Date January 13, 1998 /s/John Price
________________ _________________________
John Price
Chairman of the Board and
Chief Executive Officer
