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 4, 2006
-------------------------
| Commission File Number: | 0-8952 |
| SB PARTNERS |
| (Exact name of registrant as specified in its charter) |
| | | |
New York | | 13-6294787 |
| (State or other jurisdiction of | | (I.R.S. Employer |
| incorporation or organization) | | Identification No.) |
| | | |
| | | |
| 1251 Avenue of the Americas, N.Y., N.Y. | | 10020 |
| (Address of principal executive offices) | | (Zip Code) |
| (212) 408-5000 |
| (Registrant's telephone number, including area code) |
| |
| |
| (Former name, former address and former fiscal year, if changed since last report.) |
Item 2. Acquisition of Assets
On November 28, 2006, the Registrant purchased 175 Ambassador Drive, a 331,089 square foot commercial property located in Naperville, Illinois, for $20,800,000. The
seller, Ambassador Drive, LLC, an Illinois Limited Liability Company, has no affiliation with the Registrant. In connection with the purchase, the Registrant assumed a first
mortgage note, secured by the property, with a balance of approximately $7,100,000. The mortgage note bears interest at 5.88% per annum and matures in October, 2010.
Item 7. Financial Statements
The financial statements required to be presented in connection with the acquisition of 175 Ambassador Drive will be included in a separate filing on or before
February 1, 2007, as an amendment to this Form 8-K.
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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.
| | | SB PARTNERS |
| | | (Registrant) |
| | | |
| | By: | SB PARTNERS REAL ESTATE CORPORATION |
| | | General Partner |
| | | |
| | | Principal Financial & Accounting Officer |
| Dated: December 4, 2006 | By: | /s/ George N. Tietjen III |
| | | George N. Tietjen III |
| | | Chief Financial Officer & Treasurer |
| | | |
